Finance (No. 2) Act 2023

303 Company tax returns U.K.

(1) Where a generating undertaking that is a company is a qualifying generating undertaking for a qualifying period, it must include a statement of the matters mentioned in subsection (4) in its company tax return for the first accounting period that ends on or after the day on which the qualifying period ends (and if it would not otherwise be required to make a company tax return for that period, it must make one).

(2) Where a generating undertaking that is a group is a qualifying generating undertaking for a qualifying period, the lead member in that period must include a statement of the matters mentioned in subsection (4) in its company tax return for the first accounting period that ends on or after the day on which the qualifying period ends (and if it would not otherwise be required to make a company tax return for that accounting period it must make one).

(3) But subsections (1) and (2) do not apply in relation to a qualifying generating undertaking for a qualifying period if it is reasonable to assume that the result of Step 5 in section 279(5) for that period would be significantly less than nil.

(4) The matters that must be stated are as follows—

(a) the amount of generation attributed to the generating undertaking for the qualifying period under this Part,

(b) the amount of generation receipts attributed to that undertaking for that period under section 283,

(c) the amount of any allowable costs attributed to that undertaking for that period under section 284,

(d) the amount of the undertaking’s revenue allowance for that period,

(e) in the case of a generating undertaking that is a group, any amount of electricity generator levy that a member of that group must pay as a result of an election under section 290.

(5) Where the lead member of a generating undertaking that is a group fails to comply with the obligation in subsection (2) in relation to a qualifying period, an officer of Revenue and Customs may by notice require another member of the group to make or amend a company tax return that includes the matters mentioned in subsection (4).

(6) Nothing in this section is to be taken to limit the things which must be included in a company tax return as a result of section 302(4)(b) (which has the effect of treating the electricity generator levy as tax for the purposes of company tax returns).

(7) Schedule 18 to FA 1998 (company tax returns etc.) applies in relation to a company required to make, or amend, a company tax return as a result of this section as if, in paragraph 8(1) of that Schedule (calculation of tax payable), at the end there were inserted—

• “Sixth step

  Add any amount of electricity generator levy the company is liable to in respect of that accounting period under Part 5 of the Finance (No. 2) Act 2023.”

(8) For the purposes of that modification, a company is liable to an amount of electricity generator levy in respect of an accounting period if the company tax return for that period must, as a result of this section, include a statement of the matters mentioned in subsection (4) in relation to the qualifying period to which that amount relates.