Chwilio Deddfwriaeth

Finance Act 2001

 Help about what version

Pa Fersiwn

 Help about advanced features

Nodweddion Uwch

 Help about opening options

Dewisiadau AgorExpand opening options

Status:

Point in time view as at 01/08/2007.

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 2001, Section 85. Help about Changes to Legislation

85 Deduction of tax: payments between companies etcU.K.

F1(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2)In section 98 of the Taxes Management Act 1970 (c. 9) (penalties for failing to make, or making incorrectly, certain returns etc.), after subsection (4) insert—

(4A)If—

(a)a failure to comply with section 350(1) of, or Schedule 16 to, the principal Act arises from a person’s failure to deliver an account, or show the amount, of a payment, and

(b)the payment is within subsection (4B) below,

subsection (1) above shall have effect as if for “£300” there were substituted “£3,000” and as if for “£60” there were substituted “£600”.

(4B)A payment is within this subsection if—

(a)the payment is made by a company without an amount representing the income tax on the payment being deducted from the payment,

(b)at the time the payment is made, the company—

(i)does not believe that either of the conditions specified in section 349B of the principal Act is satisfied, or

(ii)where it believes that either of those conditions is satisfied, could not reasonably so believe,

(c)the payment is one from which tax is deductible under section 349 of the principal Act unless the company reasonably believes that one of those conditions is satisfied, and

(d)neither of those conditions is satisfied at the time the payment is made.

(4C)In subsection (4B) above “company” includes a partnership of which any member is a company..

F2(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)Subsections (1) to (3) apply to payments made on or after 1st April 2001.

(5)Sections 247 and 248 of the Taxes Act 1988 (companies within a group may elect for section 349 not to apply to payments between them) shall cease to have effect.

(6)Subsection (5) applies in relation to payments made after the day on which this Act is passed.

Textual Amendments

F1S. 85(1) repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)

F2S. 85(3) repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)

Yn ôl i’r brig

Options/Cymorth

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open y Ddeddf Gyfan

Y Ddeddf Gyfan you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

Y Rhestrau you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?