Finance Act 1970

1 (1) This paragraph has effect as respects income tax for which a company resident in the United Kingdom is liable to account in respect of distributions made by it, or in respect of any payments made by it, other than distributions.

(2) The Board may make regulations—

(a) as to the times at which and the manner in which a company is to account for and pay any such income tax, and

(b) subject to section 240(1) of the Taxes Act (limitations on repayment of income tax borne by companies), for discharging, to such extent and in such manner as may be prescribed by the regulations, a company's liability to account for income tax by setting that tax off against income tax borne by the company, or for repaying income tax so borne, and

(c) with respect to the procedure to be adopted for giving effect to the said section 240, and to section 256 of the Taxes Act (group income etc.).

(3) Regulations under this paragraph may in particular—

(a) provide for the assessment, charge, collection and recovery of any income tax for which a company is liable to account, and as to the information and evidence to be furnished by a company in or in connection with any return or claim made under or for the purposes of the regulations,

(b) make any provision corresponding to anything in Schedule 9 to the Taxes Act (which is to be superseded by regulations under this paragraph) and, in relation to any income tax for which a company is liable to account, modify any provision of Parts II to VI of the [1970 c. 9.] Taxes Management Act 1970, or apply any such provision with or without modifications,

(c) for the purpose of accounting for tax in accordance with the regulations, divide any year of assessment into equal or unequal periods of any length,

(d) treat income tax set against other tax in pursuance of sub-paragraph (2)(b) above as paid or repaid, as the case may be, and preclude the same tax being taken into account both under the regulations and under section 240(5) of the Taxes Act,

(e) make different provision for different descriptions of companies and for different circumstances, and authorise the Board, where in their opinion there are special circumstances justifying it, to make special arrangements as respects income tax for which a company is liable to account, or the repayment of income tax borne by a company, and

(f) include such transitional and other supplemental provisions as appear to the Board to be expedient or necessary.

(4) Regulations under this paragraph shall be made by statutory instrument, but the Board shall not make any statutory instrument under this paragraph unless a draft thereof has been laid before, and approved by a resolution of, the Commons House of Parliament.

(5) Regulations under this paragraph shall be known as " company tax regulations ".

(6) Company tax regulations shall not have effect for any year before the year 1971-72, and Schedule 9 to the Taxes Act shall not have effect for the first year as respects which company tax regulations have effect or any subsequent year.