PART IV PROVISIONS RELATING TO THE SCHEDULE D CHARGE
C1CHAPTER V COMPUTATIONAL PROVISIONS
F2Unpaid remuneration
S. 76ZL and cross-heading inserted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 42 (with Sch. 2 Pts. 1, 2)
76ZLUnpaid remuneration
1
This section applies if—
a
an amount is charged in respect of employees' remuneration in the accounts for a period of a company to which section 76 applies,
b
the amount would apart from this section be brought into account under section 76 as expenses payable, and
c
the remuneration is not paid before the end of the period of 9 months immediately following the end of the period of account.
2
If the remuneration is paid after the end of that period of 9 months, the amount is brought into account for the period of account in which it is paid.
3
But—
a
subsection (2) is subject to section 86 of FA 1989 (spreading of relief for acquisition expenses), and
b
in interpreting that section the remuneration is treated as expenses payable which fall to be included at Step 1 in section 76(7) for the period of account in which the remuneration is paid.
4
The amount is not brought into account under section 76 as expenses payable if it is not paid.
F176ZMUnpaid remuneration: supplementary
1
For the purposes of section 76ZL an amount charged in the accounts in respect of employees' remuneration includes an amount for which provision is made in the accounts with a view to its becoming employees' remuneration.
2
For the purposes of section 76ZL it does not matter whether an amount is charged for—
a
particular employments, or
b
employments generally.
3
If the profits of the company are calculated before the end of the 9 month period mentioned in section 76ZL(1)(c)—
a
it must be assumed, in making the calculation, that any remuneration which is unpaid when the calculation is made will not be paid before the end of that period, but
b
if the remuneration is subsequently paid before the end of that period, nothing in this subsection prevents the calculation being revised and any tax return being amended accordingly.
4
For the purposes of this section and section 76ZL remuneration is paid when it—
a
is treated as received by an employee for the purposes of ITEPA 2003 by section 18 or 19 of that Act (receipt of money and non-money earnings), or
b
would be so treated if it were not exempt income.
5
In this section and section 76ZL—
“employee” includes an office-holder and “employment” therefore includes an office, and
“remuneration” means an amount which is or is treated as earnings for the purposes of Parts 2 to 7 of ITEPA 2003.
See—1979(C) s.122—election to take capital gain or loss into account when asset appropriated to stock in trade.1989 ss.67-74—employee share ownership trusts.Banking Act 1987 (c.22) s.66—contributions to the Deposit Protection Fund.