C1C2PART XI MISCELLANEOUS AND SUPPLEMENTAL

Annotations:
Modifications etc. (not altering text)
C1

Pt. XI modified (with effect in accordance with s. 117(4)(5) of the amending Act) by Finance Act 1998 (c. 36), Sch. 18 para. 39(2)(a) (with Sch. 18 para. 59(2)); S.I. 1998/3173, art. 2

C2

Pt. XI: power to apply conferred (with effect in accordance with s. 114(2) of the amending Act) by Finance Act 1999 (c. 16), Sch. 17 para. 17(b)

Companies

109F1Corporation tax on close company in connection with loans to participators etc.

1

The provisions of F10sections 455 to 459 of CTA 2010 (charge of tax in connection with loans by close companies to participators etc.) directing that tax be assessed and recoverable as if it were an amount of corporation tax shall be taken as applying, subject to the provisions of the Taxes Acts, and to any necessary modifications, all enactments applying generally to corporation tax, including those relating to the assessing, collecting and receiving of corporation tax, those conferring or regulating a right of appeal and those concerning administration, penalties, interest on unpaid tax and priority of tax in cases of insolvency under the law of any part of the United Kingdom.

F162

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3

For the purposes of section F287A of this Act as applied by subsection (1) above, the date when tax F3under F11section 455 of CTA 2010 became due and payable shall be that determined in accordance with subsection F4(3)of that section.

F53A

If

F7a

there is such a repayment of the whole or any part of a loan or advance as is referred to in F13subsection (2) of section 458 of CTA 2010, F6or

b

there is such a release or writing off of the whole or any part of the debt in respect of a loan or advance as is referred to in that subsection,

interest under section 87A of this Act on so much of the tax under F12section 455 of CTA 2010 as is referable to the amount repaidF8, released or written off shall not be payable in respect of any period after the date on which the repayment was made F9or the release or writing off occurred.

4

Section 91 of this Act shall not apply in consequence of any discharge or repayment of tax under F14section 458 of CTA 2010.

5

For the purposes of the said section 91, a relief from tax under F15sections 455 to 459 of CTA 2010 shall not be treated as affecting tax charged by any assessment unless the assessment is to tax under that section.