- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (17/07/2013)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 17/07/2013.
There are currently no known outstanding effects for the Finance Act 1996, Section 121.
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(1)In subsection (1) of section 8 of the M1Taxes Management Act 1970 (personal return), and in subsection (1) of section 8A of that Act (trustee’s return), after the words “year of assessment,” there shall be inserted the words “ and the amount payable by him by way of income tax for that year, ”.
(2)In subsection (1A) of each of those sections, the words from “and the amounts referred to” to the end shall cease to have effect.
(3)After that subsection of each of those sections there shall be inserted the following subsection—
“(1AA)For the purposes of subsection (1) above—
(a)the amounts in which a person is chargeable to income tax and capital gains tax are net amounts, that is to say, amounts which take into account any relief or allowance a claim for which is included in the return; and
(b)the amount payable by a person by way of income tax is the difference between the amount in which he is chargeable to income tax and the aggregate amount of any income tax deducted at source and any tax credits to which section 231 of the principal Act applies.”
(4)For subsection (1) of section 9 of that Act (returns to include self-assessment) there shall be substituted the following subsection—
“(1)Subject to subsection (2) below, every return under section 8 or 8A of this Act shall include a self-assessment, that is to say—
(a)an assessment of the amounts in which, on the basis of the information contained in the return and taking into account any relief or allowance a claim for which is included in the return, the person making the return is chargeable to income tax and capital gains tax for the year of assessment; and
(b)an assessment of the amount payable by him by way of income tax, that is to say, the difference between the amount in which he is assessed to income tax under paragraph (a) above and the aggregate amount of any income tax deducted at source and any tax credits to which section 231 of the principal Act applies.”
[F1(5)In subsection (1)(b) of section 11AA of that Act (return of profits to include self-assessment), for the words “, allowance or repayment of tax” there shall be substituted the words “ or allowance ”.]
(6)In subsection (1)(a) of section 12AA of that Act (partnership return), after the words “so chargeable” there shall be inserted the words “ and the amount payable by way of income tax by each such partner ”.
(7)For subsection (1A) of that section there shall be substituted the following subsection—
“(1A)For the purposes of subsection (1) above—
(a)the amount in which a partner is chargeable to income tax or corporation tax is a net amount, that is to say, an amount which takes into account any relief or allowance for which a claim is made; and
(b)the amount payable by a partner by way of income tax is the difference between the amount in which he is chargeable to income tax and the aggregate amount of any income tax deducted at source and any tax credits to which section 231 of the principal Act applies.”
(8)This section and sections 122, 123, 125 to 127 and 141 below—
(a)so far as they relate to income tax and capital gains tax, have effect as respects the year 1996-97 and subsequent years of assessment, and
(b)so far as they relate to corporation tax, have effect as respects accounting periods ending on or after the appointed day for the purposes of Chapter III of Part IV of the M2Finance Act 1994.
Textual Amendments
F1S. 121(5) repealed (31.7.1998 with effect as mentioned in Sch. 27 Pt. III(28), Note of the amending Act) by 1998 c. 36, s. 165, Sch. 27 Pt. III(28)
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