3(1)With respect to chargeable gains accruing in accounting periods ending after the appointed day, section 277 of the Taxes Act (tax on company recoverable from other members of group) shall be amended as follows.
(2)In subsection (1) for the words “the date when it becomes payable by the company” there shall be substituted “the date determined under subsection (1A) below” and for the words “the time when the tax became payable” there shall be substituted “the date determined under subsection (1A) below”.
(3)After subsection (1) there shall be inserted the following subsection—
“(1A)The date referred to in subsection (1) 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 is made on the company.”
(4)After subsection (2) there shall inserted the following subsection—
“(2A)Any reference in subsection (2) above to an amount of tax includes a reference to any interest paid under section 87A of the [1970 c. 9.] Taxes Management Act 1970 on that amount.”