Taxes Management Act 1970

[F1 16 (1) This paragraph applies where the amount of ECPP tax attributable to an asset or liability under paragraph 10(6) is payable in instalments in accordance with paragraph 15. U.K.

(2) All of the outstanding balance in respect of the asset or liability (as defined in paragraph 15(5)) is payable in accordance with sub-paragraph (3) if—

(a) a trigger event occurs in relation to the asset or liability (see sub-paragraph (4)), or

(b) a relevant event occurs (as defined in paragraph 13(4)),

before the last instalment is payable in accordance with paragraph 15.

(3) The outstanding balance is payable—

(a) in a case falling within sub-paragraph (2)(a), on the date of the trigger event, and

(b) in a case falling within sub-paragraph (2)(b), on the date on which the next instalment would otherwise have been due under the plan.

(4) For the purposes of this paragraph, a trigger event occurs in relation to an asset or liability if—

(a) in the case of a financial exit charge asset or liability, the company ceases to be party to the loan relationship or derivative contract in question, or

(b) in the case of an intangible fixed asset, the asset is disposed of.]

Textual Amendments

F1 Sch. 3ZB inserted (with effect in accordance with Sch. 49 para. 8 of the amending Act) by Finance Act 2013 (c. 29), Sch. 49 para. 6