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Taxes Management Act 1970
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11 Return of profits. [1966 Sch.VI 2.]U.K.
(1)A company may be required by a notice served on the company by an inspector or other officer of the Board to deliver to the officer within the time limited by the notice a return of the profits of the company computed in accordance with the Corporation Tax Acts—
(a)specifying the income taken into account in computing those profits, with the amount from each source,
(b)giving particulars of all disposals giving rise to chargeable gains or allowable losses under the provisions of [the Capital Gains Tax Act 1979 F1] and the Corporation Tax Acts and particulars of those chargeable gains or allowable losses, and
(c)giving particulars of all charges on income to be deducted against those profits for the purpose of assessment to corporation tax F2F3.
(2)A notice under this section may require a return of profits arising in any period during which the company was within the charge to corporation tax F3.
(3)Every return under this section shall include a declaration [by the person making the return F4] to the effect that the return is [to the best of his knowledge F4] correct and complete F3.
(4)A return under this section which includes profits which are payments on which the company has borne income tax by deduction shall specify the amount of income tax so borne.
(5)A notice under this section may require the inclusion in the return of particulars of management expenses, capital allowances and balancing charges which have been taken into account in arriving at the profits included in the return.
[(6)A notice under this section may require the inclusion in the return of particulars of advance corporation tax paid by the company (and not repaid) and of any surplus advance corporation tax carried forward under section [239(4) of the principal Act F5] F6.] F3F7
Textual Amendments
F1Capital Gains Tax Act 1979 (c. 14) s. 157(2)andSch.7 para.8
F2 See Income and Corporation Taxes Act 1988 s. 451(2)(a)—the Treasury may modify s. 11 in its application to Lloyd's underwriting agency companies by regulations made by statutory instrument for accounting periods ending after a day to be appointed.
F3 See—Finance (No. 2) Act 1987 ss. 82(2)(3)(4), 95(2)(3), Income and Corporation Taxes Act 1988 Sch. 29 para. 10(1)and Finance Act 1990 s. 91for modifications in the event of a notice being served after a day to be appointed.
F4Finance Act 1990 s. 91(4), (8)with respect to any notice served on or after 26July 1990.
F5Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) Sch. 29 para. 10.Previously
“85(4) of the Finance Act 1972”.
F6Finance Act 1972 s.111andSch.24 para.5with effect from6April1973.
F7 See—Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1)—s. 10(2)—time for payment of tax under Pay and File.Finance Act 1990—ss. 100and 102and Schs. 15and 16—claims for group relief and claims for capital allowances after a day to be appointed (see Income and Corporation Taxes Act 1988 s. 10).
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