Finance (No. 2) Act 1987

82 Return of profits. U.K.

(1) With respect to any notice served after the appointed day, section 11 of the Management Act (return of profits) shall be amended in accordance with this section.

(2) In subsection (1) for the words from “within the time limited by the notice” to the end there shall be substituted “not later than the final day determined under subsection (4) below a return [F1 such information as may be required in pursuance of the notice together with such accounts, statements and reports as may be so required.

(1A) The information which a company may be required to supply under this section is information which is relevant to the application of the Corporation Tax Acts to the company; and the accounts, statements and reports which a company may be so required to supply are accounts, statements and reports which are so relevant.”]

(3) For subsection (2) there shall be substituted the following subsection—

“(2) A notice under this section may require a return [F2 for] any period specified in the notice (in this subsection referred to as “the specified period”) but, if the specified period does not coincide with an accounting period of the company and the company is within the charge to corporation tax in the whole or some part of the specified period, then—

(a) if an accounting period of the company ends in or at the end of the specified period, the notice shall be taken to require a return for that accounting period or, if there is more than one, for each of them;

(b) if no accounting period of the company ends in or at the end of the specified period but there is a part of the specified period which does not fall within an accounting period of the company, the notice shall be taken to require a return for that part of the specified period; and

(c) if the specified period begins in or at the beginning of an accounting period of the company and ends before the end of that period, the notice shall be of no effect and, accordingly, the company shall not be required to make any return pursuant to it.”

(4) For subsections (4) to (6) there shall be substituted the following subsections—

“(4) Subject to subsection (5) below, the final day for the delivery of any return required by a notice under this section shall be whichever is the later of—

(a) the first anniversary of the last day of the period to which the return relates;

(b) the first anniversary of the last day of that period of account of the company in which falls the last day of the accounting period (if any) to which the return relates; and

(c) the end of the period of three months beginning on the day following that on which the notice was served.

(5) In paragraph (b) of subsection (4) above “period of account” has the same meaning as in the principal Act, but for the purposes of that paragraph the last day of a period of account which is longer than eighteen months shall be treated as the day on which expires the period of eighteen months beginning on the first day of the period of account.

(6) In relation to a company which—

(a) is resident in the United Kingdom throughout the period to which the return relates (in this subsection referred to as “the return period”); and

(b) is required under the M1 Companies Act 1985 to prepare accounts for a period consisting of or including the return period,

the reference to accounts in subsection (1) above is a reference only to such accounts, containing such particulars and having annexed to them such documents, as are required under that Act to be so prepared.

[F3 (7) The statements which may be required in pursuance of a notice under this section include statements showing the amount of tax (if any) chargeable.]

(8) Different information, accounts, statements and reports may be required in pursuance of a notice under this section in relation to different descriptions of company [F3 or different descriptions of profits and losses; and, in particular, information may be so required with respect to tax recoverable by virtue of section [F4 419] of the principal Act (loans to participators) as if it were corporation tax, to advance corporation tax and to corporation tax already paid.]

[F5 (8A) A return under this section shall be amended by the company delivering to the inspector a document in such form, containing such information and accompanied by such statements as the Board may require.]

(9) In the application of this section to a company registered in Northern Ireland, references to the Companies Act 1985 shall be construed as references to the M2 Companies (Northern Ireland) Order 1986.”

Textual Amendments

F1 Finance Act 1990, s. 91(2)(9) with respect to any notice served after the appointed day. Previously “of the profits and losses of the company containing such information and accompanied by such accounts, statements and reports as, subject to subsection (6) below, may be required in pursuance of the notice.”—See Finance (No. 2) Act 1987 (c. 51, SIF 63:1), s. 95

F2 Finance Act 1990, s. 91(3)(9) with respect to any notice served after the appointed day—see Finance (No. 2) Act 1987, s. 95. Previously “of profits and losses arising in”.

F3 S. 82(7) and words “or different” to the end of s. 82(8) to be repealed by Finance Act 1990 s. 91(5)(6)(9), s. 132, Sch. 19 Pt V with respect to any notice served after the appointed day—see Finance (No. 2) Act 1987 (c. 51, SIF 63:1), s. 95

F4 Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 29 para. 10(2) from a day to be appointed. Previously “286”

F5 Finance Act 1990, s. 91(7)(9) with respect to any notice served after the appointed day see Finance (No. 2) Act 1987 (c. 51 SIF 63:1), s. 95

Modifications etc. (not altering text)

C1 The day appointed for the purposes of s. 82 is 31.12.1993, see S.I. 1992/3066, art. 3(2)

Marginal Citations

M1 1985 c. 6.

M2 S.I. 1986/1032 (N.I. 6).