Finance Act 2009 (c. 10)

SCHEDULES

[F1 Schedule 54A U.K. Further provision as to late payment interest and repayment interest

Textual Amendments

F1 Sch. 54A inserted (1.1.2023 for specified purposes) by Finance (No. 3) Act 2010 (c. 33), s. 25(2), Sch. 9 para. 12 (as amended by: 2014 c. 26, Sch. 4 paras. 14, 16, 17; S.I. 2014/2228, art. 2; 2016 c. 24, Sch. 8 para. 12, 17(1)(a); and 2017 c. 32, Sch. 6 paras. 15, 20, 21(1)(b)); S.I. 2022/1277, reg. 2(2)(d) (with reg. 3)

[F2 PART 1 U.K. CORPORATION TAX]

Textual Amendments

F2 Sch. 54A Pt. 1 heading inserted (1.1.2023) by Finance Act 2021 (c. 26), s. 120(2), Sch. 29 para. 4(2); S.I. 2022/1277, reg. 2(2)(a) (with reg. 3)

Common period rule for corporation tax U.K.

3 (1) This paragraph applies where— U.K.

(a) there is a common period in relation to a company (see sub-paragraph (2)), and

(b) each of conditions A to C (see paragraph 4) is met.

(2) A common period in relation to a company is any period during which—

(a) an amount of corporation tax is due and payable by the company in accordance with section 59D of TMA 1970 or regulations made under section 59E of that Act (“the overdue payment”), and

(b) an amount which has been paid on account of corporation tax is repayable to the company (“the repayment”).

(3) During the common period—

(a) the overdue payment does not carry late payment interest or interest under regulations made by virtue of section 59E(2)(g) of TMA 1970 (interest payable to HMRC on amounts of corporation tax due and payable under regulations under that section), and

(b) the repayment does not carry repayment interest or interest under regulations made by virtue of section 59E(2)(i) of TMA 1970 (interest payable by HMRC on amounts paid or repaid under regulations under that section).

4 (1) This paragraph applies for the purposes of paragraph 3. U.K.

(2) Condition A is that the overdue payment and the repayment are in respect of different accounting periods.

(3) Condition B is that the overdue payment would (apart from paragraph 3) carry—

(a) late payment interest, or

(b) interest under regulations made by virtue of section 59E(2)(g) of TMA 1970.

(4) Condition C is that the repayment would (apart from paragraph 3) carry—

(a) repayment interest, or

(b) interest under regulations made by virtue of section 59E(2)(i) of TMA 1970.]