Taxes Management Act 1970 (c. 9)

SCHEDULES

[F1 SCHEDULE 3ZB U.K. [F2 CT exit charge payment plans]

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

F2 Words in Sch. 3ZB substituted (12.2.2019) by Finance Act 2019 (c. 1), Sch. 7 para. 6(1)(c)

PART 3 U.K. Entering into [F3 a CT exit charge payment plan]

Textual Amendments

F3 Words in Sch. 3ZB substituted (12.2.2019) by Finance Act 2019 (c. 1), Sch. 7 para. 6(1)(a)

Content of [F4 CT exit charge payment plan] U.K.

Textual Amendments

F4 Words in Sch. 3ZB substituted (12.2.2019) by Finance Act 2019 (c. 1), Sch. 7 para. 6(1)(b)

10 (1) [F3 A CT exit charge payment plan] entered into by a Part 1 company must specify— U.K.

(a) the date on which the company ceased to be resident in the United Kingdom, and

(b) the [F5 relevant] EEA state in which the company has become resident.

(2) [F3 A CT exit charge payment plan] entered into by a Part 2 company must specify—

(a) the EEA state in which the company is resident, and

(b) if the company has ceased to carry on a trade in the United Kingdom through a permanent establishment there, the date on which it ceased to do so.

[F6 (2A) In either case a CT exit charge payment plan entered into by a company must specify requirements as to the ongoing provision of information by the company to Her Majesty's Revenue and Customs in relation to the exit charge assets and liabilities.]

(3) In either case [F3 a CT exit charge payment plan] entered into by a company must also specify—

(a) the amount of qualifying corporation tax which, in the company's opinion, is payable by it in respect of the migration accounting period,

(b) the amount of that qualifying corporation tax which the company wishes to defer paying under the [F4 CT exit charge payment plan] (“ECPP tax”), and

[F7 (c) the amount of ECPP tax attributable to each exit charge asset or liability.]

F8 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F9 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6) The amount of ECPP tax attributable to each exit charge asset or liability is—

where—

“A” is the income, profits or gains arising in respect of the asset or liability in the migration accounting period by virtue of the relevant exit charge provision only,

“B” is the total income, profits or gains arising in respect of all the exit charge assets and liabilities in the migration accounting period by virtue of the exit charge provisions only, and

“T” is the ECPP tax.]

Textual Amendments

F5 Word in Sch. 3ZB para. 10(1)(b) inserted (with effect in accordance with Sch. 8 para. 8 of the amending Act) by Finance Act 2019 (c. 1), Sch. 8 para. 5(2)

F6 Sch. 3ZB para. 10(2A) inserted (with effect in accordance with Sch. 8 para. 8 of the amending Act) by Finance Act 2019 (c. 1), Sch. 8 para. 5(3)

F7 Sch. 3ZB para. 10(3)(c) substituted (with effect in accordance with Sch. 8 para. 8 of the amending Act) by Finance Act 2019 (c. 1), Sch. 8 para. 5(4)

F8 Sch. 3ZB para. 10(4) omitted (with effect in accordance with Sch. 8 para. 8 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 8 para. 5(5)

F9 Sch. 3ZB para. 10(5) omitted (with effect in accordance with Sch. 8 para. 8 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 8 para. 5(5)