Finance Act 1998

Section 751

6 (1) Section 751 of the Taxes Act 1988 (accounting periods and creditable tax) shall be amended as follows.

(2) In subsection (1) (occasions on which an accounting period begins) in paragraph (b) (company commencing to carry on business)—

(a) the words “not being the subject of an earlier direction under section 747(1)” shall cease to have effect; and

(b) after “commences to carry on business” there shall be inserted “unless an accounting period of the company has previously begun as respects which an apportionment under section 747(3) falls or has fallen to be made”.

(3) In subsection (5) (direction may specify accounting period where beginning or end appears uncertain)—

(a) for “a direction under section 747(1) may” there shall be substituted “the Board may by notice”; and

(b) for “the direction” there shall be substituted “the notice”.

(4) In subsection (5) (power to amend so as to specify true accounting period where further facts come to the knowledge of the Board after making a direction)—

(a) for “making of a direction (including facts emerging on an appeal against notice of the making of the direction)” there shall be substituted “giving of a notice under subsection (4) above”; and

(b) for “direction”, in the third and fourth places where it occurs, there shall be substituted “notice”.

(5) After subsection (5) there shall be inserted—

“(5A) Any notice under subsection (4) above, and notice of any amendment of such a notice under subsection (5) above, shall be given to every person who has an assessable interest (as defined in section 749(9)) in the company in the accounting period in question.”

(6) In subsection (6) (meaning of “creditable tax”) for “in respect of which a direction is given under section 747(1)” there shall be substituted “as regards which an apportionment under section 747(3) falls to be made”.