91 Advance corporation tax: consequences of abolition.U.K.
(1)Schedule 16 to the Taxes Act 1988 (collection of income tax on company payments) is amended as follows.
(2)In paragraph 4 (payment of tax), omit—
(a)in sub-paragraph (1), the words “Subject to sub-paragraph (3) below,”; and
(b)sub-paragraph (3).
(3)In paragraph 8 (items included in return or claim in error)—
(a)for “should have been included in a return under Schedule 13” substitute “ should not have been so included ”; and
(b)for “been included in the right return” substitute “ not been included in the return or claim in question ”.
(4)In section 32(6) of the M1Finance Act 1998 (meaning of “unrelieved surplus advance corporation tax”), for “paragraph 11” substitute “ paragraph 12 ”.
(5)Subsections (1) to (3) above have effect—
(a)in relation to periods for which a return is required under paragraph 2 of Schedule 16 to the Taxes Act 1988 beginning on or after 6th April 1999; and
(b)in relation to accounting periods beginning on or after that date.
(6)The amendment made by subsection (4) above shall be deemed always to have had effect.