PART VA Payment of Tax

Corporation tax

F159EFurther provision as to when corporation tax is due and payable.

(1)

The Treasury may by regulations make provision, in relation to companies of such descriptions as may be prescribed, for or in connection with treating amounts of corporation tax for an accounting period as becoming due and payable on dates which fall on or before the date on which corporation tax for that period would become due and payable apart from this section.

(2)

Without prejudice to the generality of subsection (1) above, regulations under this section may make provision—

(a)

for or in connection with the determination of amounts of corporation tax which are treated as becoming due and payable under the regulations;

(b)

for or in connection with the determination of the dates on which amounts of corporation tax are treated as becoming due and payable under the regulations;

(c)

for or in connection with the making of payments to the Board in respect of amounts of corporation tax which are treated as becoming due and payable under the regulations;

(d)

for or in connection with the determination of the amount of any such payments as are mentioned in paragraph (c) above;

(e)

for or in connection with the determination of the dates on which any such payments as are mentioned in paragraph (c) above become due and payable;

(f)

for or in connection with any assumptions which are to be made for any purposes of the regulations;

(g)

for or in connection with the payment to the Board of interest on amounts of corporation tax which are treated as becoming due and payable under the regulations;

(h)

for or in connection with the repayment of amounts paid under the regulations;

(i)

for or in connection with the payment of interest by the Board on amounts paid or repaid under the regulations;

(j)

with respect to the furnishing of information to the Board;

(k)

with respect to the keeping, production or inspection of any books, documents or other records;

(l)

for or in connection with the imposition of such requirements as the Treasury think necessary or expedient for any purposes of the regulations;

(m)

for or in connection with appeals in relation to questions arising under the regulations.

(3)

Regulations under this section may make provision—

(a)

for amounts of corporation tax for an accounting period to be treated as becoming due and payable on dates which fall within the accounting period;

(b)

for payments in respect of any such amounts of corporation tax for an accounting period as are mentioned in paragraph (a) above to become due and payable on dates which fall within the accounting period.

(4)

Where interest is charged by virtue of regulations under this section on any amounts of corporation tax for an accounting period which are treated as becoming due and payable under the regulations, the company shall, in such circumstances as may be prescribed, be liable to a penalty not exceeding twice the amount of that interest.

(5)

Regulations under this section—

(a)

may make such modifications of any provisions of the Taxes Acts, or

(b)

may apply such provisions of the Taxes Acts,

as the Treasury think necessary or expedient for or in connection with giving effect to the provisions of this section.

(6)

Regulations under this section which apply any provisions of the Taxes Acts may apply those provisions either without modifications or with such modifications as the Treasury think necessary or expedient for or in connection with giving effect to the provisions of this section.

(7)

Regulations under this section—

(a)

may make different provision for different purposes, cases or circumstances;

(b)

may make different provision in relation to companies or accounting periods of different descriptions;

(c)

may make such supplementary, incidental, consequential or transitional provision as appears to the Treasury to be necessary or expedient.

(8)

Subject to subsection (9) below, regulations under this section may make provision in relation to accounting periods beginning before (as well as accounting periods beginning on or after) the date on which the regulations are made.

(9)

Regulations under this section may not make provision in relation to accounting periods ending before the day appointed under section 199 of the Finance Act 1994 for the purposes of Chapter III of Part IV of that Act (corporation tax self-assessment).

(10)

In this section—

“modifications” includes amendments, additions and omissions;

“prescribed” means prescribed by regulations made under this section.

(11)

Any reference in this section to corporation tax includes a reference—

(a)

to any amount due from a company under F2section 455 F3or 464A of CTA 2010 (charge to tax in case of loan F4or benefit to participator) as if it were an amount of corporation tax chargeable on the company;

F5(b)

to any sum charged on a company at step 5 in section 371BC(1) of TIOPA 2010 (controlled foreign companies) as if it were an amount of corporation tax;

F6(ba)

to any sum chargeable on a company under section 269DA of CTA 2010 (surcharge on banking companies) as if it were an amount of corporation tax chargeable on the company;

F7(c)

to any sum chargeable on a company under F8section 330(1) of CTA 2010 (supplementary charge in respect of ring fence trades) as if it were an amount of corporation tax chargeable on the company;

F9(d)

to the bank levy where treated as an amount of corporation tax chargeable on a company by paragraph 50 or 51 of Schedule 19 to the Finance Act 2011 (the bank levy);

F10(e)

to any sum chargeable on a company under section 33 of FA 2022 (residential property developer tax) as if it were an amount of corporation tax chargeable on the company.

F11(12)

Without prejudice to the generality of any provision above—

(a)

in relation to cases where the bank levy is treated as an amount of corporation tax chargeable on a company, regulations under this section may make provision—

(i)

for amounts of the bank levy to be treated as becoming due and payable on dates which fall within the chargeable period (within the meaning of Schedule 19 to the Finance Act 2011);

(ii)

for payments in respect of any such amounts of the bank levy as are mentioned in sub-paragraph (i) to become due and payable on dates which fall within that period;

(b)

in relation to cases where a company on which the bank levy is treated as an amount of corporation tax chargeable for an accounting period has made payments in respect of corporation tax for that period, regulations under this section may make provision for or in connection with determining the extent to which those payments are to be treated as being payments of the bank levy;

(c)

in relation to cases where a company (“ the relevant company ”) has made payments in respect of corporation tax for an accounting period wholly or partly on the assumption that the bank levy will be treated as an amount of corporation tax chargeable on the relevant company for that period, regulations under this section may make provision for or in connection with treating those payments (wholly or partly) to have been made by another company if it turns out that the bank levy is not to be treated as an amount of corporation tax chargeable on the relevant company for that period;

(d)

where regulations under this section impose a requirement within subsection (2)(j) above to furnish information for purposes related to the bank levy, the regulations may make provision for or in connection with applying Part 7 of Schedule 36 to the Finance Act 2008 in whole or in part (with or without modification) as if the requirement to furnish the information were contained in an information notice within the meaning of that Schedule.