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1(1)With respect to chargeable gains accruing in accounting periods ending after the appointed day, section 266 of the Taxes Act (corporation tax attributable to chargeable gains: recovery from shareholder) shall be amended as follows.
(2)In subsection (2) for the words “the date when it becomes payable by the company” there shall be substituted “the date determined under subsection (2A) below”.
(3)After subsection (2) there shall be inserted the following subsection—
“(2A)The date referred to in subsection (2) above is whichever is the later of—
(a)the date when the tax becomes due and payable by the company; and
(b)the date when the assessment was made on the company.”
(4)In subsection (3) for the words from “a sum” onwards there shall be substituted “from the company a sum equal to that amount together with any interest paid by him under section 87A of the [1970 c. 9.] Taxes Management Act 1970 on that amount”.
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