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13U.K.For section 109 of the Management Act there shall be substituted—
(1)The provisions of section 286 of the principal Act (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 Act, 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.
(2)Section 86 of this Act shall apply in relation to tax under the said section 286 as if [F1the date given by the Table in subsection (4) of the said section 86 were the last day of the three months following the end of the financial year in which the loan or advance was made.]
(3)For the purposes of section 88 of this Act as applied by subsection (1) above, the date when tax charged under the said section 286 ought to have been paid shall be taken to be the first day of the [F1financial year] following that in which the loan or advance was made.
(4)Section 91 of this Act shall not apply in consequence of any discharge or repayment of tax under section 286(5) of the principal Act.
(5)For the purposes of the said section 91, a relief from tax under the said section 286 shall not be treated as affecting tax charged by any assessment unless the assessment is to tax under that section.”
Textual Amendments
F1Words substituted by Finance (No. 2) Act 1975 s. 46(5)
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