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Taxes Management Act 1970, Section 59D is up to date with all changes known to be in force on or before 29 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)Corporation tax for an accounting period is due and payable on the day following the expiry of nine months from the end of that period.
(2)If the tax payable is then exceeded by the total of any relevant amounts previously paid (as stated in the relevant company tax return), the excess shall be repaid.
(3)The tax payable means the amount computed in accordance with [F2the first to fourth steps of] paragraph 8 of Schedule 18 to the Finance Act 1998.
(4)Relevant amounts previously paid means any of the following, so far as relating to the accounting period in question—
(a)any amount of corporation tax paid by the company and not repaid;
(b)any corporation tax refund surrendered to the company by another group company;
(c)any amount by which the sums available for set off under Step 4 of the calculation in paragraph 8 of Schedule 18 to the Finance Act 1998 (amounts set off against overall tax liability) exceeds the amount against which they may be set off under that provision;
(d)any amount treated as corporation tax paid in respect of profits of the company [F3by virtue of regulations under section 62 of the Finance Act 2004] (deductions from payments to sub-contractors).
(5)This section has effect subject to section 59E [F4and section 357YQ of CTA 2010 (assessment of tax chargeable on restitution interest)].]
Textual Amendments
F1Ss. 59D, 59DA and cross-heading substituted for s. 59D (with effect in accordance with s. 117(4)(5) of the amending Act) by Finance Act 1998 (c. 36), Sch. 19 para. 29(2); S.I. 1998/3173, art. 2
F2Words in s. 59D(5) inserted (with effect in accordance with s. 38(9)-(12) of the amending Act) by Finance (No. 2) Act 2015 (c. 33), s. 38(4)(b)
F3Words in s. 59D(4)(d) substituted (with effect in accordance with s. 77 of the amending Act) by Finance Act 2004 (c. 12), Sch. 12 para. 2(2)
F4Words in s. 59D(3) inserted (with effect in accordance with s. 38(9)-(12) of the amending Act) by Finance (No. 2) Act 2015 (c. 33), s. 38(4)(a)
Modifications etc. (not altering text)
C1S. 59D applied (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 455(3), 1184(1) (with Sch. 2)
C2S. 59D(5) modified (17.7.2012) by Finance Act 2012 (c. 14), Sch. 34 para. 12(7) (with Sch. 34 para. 12)
C3S. 59D(5) modified (17.7.2013) by Finance Act 2013 (c. 29), s. 202(12)
C4S. 59D(5) modified (with application in accordance with s. 119(6) of the amending Act) by Finance Act 2014 (c. 26), s. 119(12)
C5S. 59D(5) modified (with application in accordance with Sch. 26 para. 13(1) of the amending Act) by Finance Act 2014 (c. 26), Sch. 26 para. 13(7) (with Sch. 26 para. 13)
C6S. 59D(5) modified (with application in accordance with s. 76(6)-(12) of the amending Act) by Finance Act 2015 (c. 11), s. 76(11)
C7S. 59D(5) modified (with application in accordance with Sch. 2 para. 1(4) of the amending Act) by Finance (No. 2) Act 2015 (c. 33), Sch. 2 para. 1(9)
C8S. 59D(5) modified (18.11.2015) by Finance (No. 2) Act 2015 (c. 33), Sch. 3 para. 14(10)
C9S. 59D(5) modified (18.11.2015) by Finance (No. 2) Act 2015 (c. 33), Sch. 3 para. 16(10)
C10S. 59D(5) modified (with effect in accordance with s. 51 of the amending Act) by Finance Act 2022 (c. 3), s. 51(7)
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