Income and Corporation Taxes Act 1988

Section 238(5), 241(4)

SCHEDULE 13 U.K. COLLECTION OF ADVANCE CORPORATION TAX

Modifications etc. (not altering text)

C1 Sch. 13 excluded (22.3.1992) by S.I. 1992/569, reg. 17

C2 Sch. 13 modified (31.7.1997) by Finance (No. 2) Act 1997 (c. 58), Sch. 4 para. 23(6)

C3 See 1970(M) s.87—interest on overdue advance corporation tax.

Duty to make returns U.K.

1 [F1 (1) A company shall for each of its accounting periods make, in accordance with this Schedule, returns to the collector of—

(a) the franked payments made and franked investment income received by it in that period,

(b) the foreign income dividends paid and foreign income dividends received by it in that period, and

(c) the advance corporation tax (if any) payable by it in respect of the franked payments made and foreign income dividends paid by it in that period;

and references in this Schedule to foreign income dividends shall be construed in accordance with Chapter VA of this Part.]

(2) A return shall be made for—

(a) each complete quarter falling within the accounting period, that is to say, each of the periods of three months ending with 31st March, 30th June, 30th September or 31st December which falls within that period:

(b) each part of the accounting period which is not a complete quarter and ends on the first (or only), or begins immediately after the last (or only), of those dates which falls within the accounting period;

(c) if none of those dates falls within the accounting period, the whole accounting period.

(3) A return for any period for which a return is required to be made under this paragraph (“a return period”) shall be made within 14 days from the end of that period.

[F2 (4) Subject to paragraphs 4(2), 4A(2) and 7(3) below, no return need be made under this Schedule by a company for any period in which it has—

(a) made no franked payments, and

(b) paid no foreign income dividends.]

Textual Amendments

F1 Sch. 13 para. 1(1) substituted (with effect in accordance with Sch. 16 para. 3(13) of the amending Act) by Finance Act 1994 (c. 9), Sch. 16 para. 3(2)

F2 Sch. 13 para. 1(4) substituted (with effect in accordance with Sch. 16 para. 3(13) of the amending Act) by Finance Act 1994 (c. 9), Sch. 16 para. 3(3)

Modifications etc. (not altering text)

C4 Sch. 13 para. 1-3 applied (with modifications) (1.7.1997) by The Manufactured Dividends (Tax) Regulations 1997 (S.I. 1997/993), reg. 6

C5 See s.250—returns in connection with stock dividends.

Contents of return U.K.

2 [F3 (1) Subject to paragraphs 7(2), 3A(2) and 9A(2) below, the return made by a company for any return period shall show—

(a) the amount of the franked payments, if any, made by it in that period,

(b) the amount of franked investment income, if any, received by it in that period,

(c) if any advance corporation tax is payable in respect of the franked payments, the amount thereof,

(d) the amount of the foreign income dividends, if any, paid by it in that period,

(e) the amount of the foreign income dividends, if any, received by it in that period, and

(f) if any advance corporation tax is payable in respect of the foreign income dividends paid, the amount thereof.]

(2) The return shall specify

[F4 (a)] whether any amount of franked payments is included under paragraph (a) of sub-paragraph (1) above in consequence of the giving of a notice under section 247(3) and, if so, the amount so included

[F5 (b) whether any estimated amount of franked payments is included under that paragraph by virtue of paragraph 7(2) below and, if so, the amount so included;

(c) whether any estimated amount of advance corporation tax is included under paragraph (c) of sub-paragraph (1) above by virtue of paragraph 7(2) below and, if so, the amount so included.]

(3) For the purposes of paragraph (b) of sub-paragraph (1) above the amount of franked investment income received by a company in a return period shall be treated as including the excess, if any, of—

(a) any surplus of franked investment income carried forward to the accounting period for which the return is made; and

(b) any amount of franked investment income received by the company in that accounting period but before the beginning of the return period,

over the amount of any franked payments made by the company in that accounting period but before the beginning of the return period.

(4) For the purposes of paragraph (c) of sub-paragraph (1) above advance corporation tax shall be payable in respect of franked payments made in a return period if—

(a) the amount shown under paragraph (a) of that sub-paragraph exceeds the amount shown under paragraph (b) of that sub-paragraph, or

(b) no amount is shown under paragraph (b) of that sub-paragraph;

and the amount of that tax shall be calculated at the rate of advance corporation tax in force for the financial year in which the return period ends on an amount which, when that tax is added to it, is equal to that excess or, if no amount is shown under sub-paragraph (1)(b) above, to the amount shown under sub-paragraph (1)(a) above.

[F6 (5) For the purposes of paragraph (e) of sub-paragraph (1) above the amount of foreign income dividends received by a company in a return period shall be treated as including the excess, if any, of—

(a) any amount carried forward under section 246F(3) to the accounting period for which the return is made, and

(b) any amount of foreign income dividends received by the company in that accounting period but before the beginning of the return period,

over the amount of any foreign income dividends paid by the company in that accounting period but before the beginning of the return period.

(6) For the purposes of paragraph (f) of sub-paragraph (1) above advance corporation tax shall be payable in respect of foreign income dividends paid in a return period if—

(a) the amount shown under paragraph (d) of that sub-paragraph exceeds the amount shown under paragraph (e) of that sub-paragraph, or

(b) no amount is shown under paragraph (e) of that sub-paragraph;

and the amount of that tax shall be calculated at the rate of advance corporation tax in force for the financial year in which the return period ends on an amount equal to that excess or, if no amount is shown under sub-paragraph (1)(e) above, to the amount shown under sub-paragraph (1)(d) above.]

Textual Amendments

F3 Sch. 13 para. 2(1) substituted (with effect in accordance with Sch. 16 para. 3(13) of the amending Act) by Finance Act 1994 (c. 9), Sch. 16 para. 3(4)

F4 Words in Sch. 13 para. 2(2) renumbered as para. 2(2)(a) (with effect in accordance with s. 137(2)(3) of the amending Act) by virtue of Finance Act 1996 (c. 8), Sch. 23 para. 2

F5 Sch. 13 para. 2(2)(b)(c) inserted (with effect in accordance with s. 137(2)(3) of the amending Act) by Finance Act 1996 (c. 8), Sch. 23 para. 2

F6 Sch. 13 para. 2(5)(6) inserted (with effect in accordance with Sch. 16 para. 3(13) of the amending Act) by Finance Act 1994 (c. 9), Sch. 16 para. 3(5)

Modifications etc. (not altering text)

C6 Sch. 13 para. 1-3 applied (with modifications) (1.7.1997) by The Manufactured Dividends (Tax) Regulations 1997 (S.I. 1997/993), reg. 6

C7 For rates of corporation tax see Tables Kand Lin Vol.1.

Payment of tax U.K.

3 (1) Subject to paragraph 7(2) below, advance corporation tax in respect of franked payments [F7 and foreign income dividends] required to be included in a return under this Schedule shall be due at the time by which the return for that period is to be made, and advance corporation tax so due shall be payable without the making of any assessment.

(2) Advance corporation tax which has become so due may be assessed on the company (whether or not it has been paid when the assessment is made) if that tax, or any part of it, is not paid on or before the due date.

(3) If it appears to [F8 an officer of the Board] that there is a franked payment [F9 or foreign income dividend] which ought to have been and has not been included in a return, [F10 or if an officer of the Board is of the opinion that a return is incorrect, any such officer may] make an assessment on the company to the best of his judgment; and any advance corporation tax due under an assessment made by virtue of this sub-paragraph shall be treated for the purposes of interest on unpaid tax as having been payable at the time when it would have been payable if a correct return had been made.

Textual Amendments

F7 Words in Sch. 13 para. 3(1) inserted (with effect in accordance with Sch. 16 para. 3(13) of the amending Act) by Finance Act 1994 (c. 9), Sch. 16 para. 3(6)(a)

F8 Words in Sch. 13 para. 3(3) substituted (with effect in accordance with s. 137(2)(3) of the amending Act) by Finance Act 1996 (c. 8), Sch. 23 para. 3(a)

F9 Words in Sch. 13 para. 3(3) inserted (with effect in accordance with Sch. 16 para. 3(13) of the amending Act) by Finance Act 1994 (c. 9), Sch. 16 para. 3(6)(b)

F10 Words in Sch. 13 para. 3(3) substituted (with effect in accordance with s. 137(2)(3) of the amending Act) by Finance Act 1996 (c. 8), Sch. 23 para. 3(b)

Modifications etc. (not altering text)

C8 Sch. 13 para. 1-3 applied (with modifications) (1.7.1997) by The Manufactured Dividends (Tax) Regulations 1997 (S.I. 1997/993), reg. 6

International headquarters companies U.K.

3A (1) This paragraph and paragraph 3B below apply where—

(a) a company pays a foreign income dividend in a return period, and

(b) at the time it pays the dividend the company treats itself as an international headquarters company by virtue of section 246S(9).

(2) The return made by the company for the return period—

(a) shall state that the company has so treated itself;

(b) shall show the basis on which it has so treated itself;

(c) shall not include the amount of the dividend in the amount shown under paragraph 2(1)(d) above;

(d) shall state separately that the dividend was paid and show its amount.

(3) The dividend shall be treated for the purposes of section 246F(1) and (2), paragraph 2(5) above and paragraph 4A below as if it had not been paid.

3B (1) Without prejudice to paragraph 3 above, if at any time before the end of the accounting period in which the return period mentioned in paragraph 3A(1) above falls [F11 an officer of the Board is of the opinion that there was not a reasonable basis] for the company treating itself as mentioned in paragraph 3A(1) [F12 any such officer may] make an assessment on the company to the best of his judgment; and any advance corporation tax due under an assessment made by virtue of this sub-paragraph shall be treated for the purposes of interest on unpaid tax as having been payable at the time when it would have been payable if the company had not so treated itself.

(2) Where an assessment which takes account of the dividend mentioned in paragraph 3A(1) above is made under sub-paragraph (1) above, then, subject to any appeal—

(a) the company shall be deemed for the purposes of Chapter VA of this Part not to have treated itself as an international headquarters company by virtue of section 246S(9) at the time it paid the dividend;

(b) paragraph 3A(3) above shall not apply to the dividend.

(3) In a case where—

(a) the company is not an international headquarters company in the accounting period in which the return period mentioned in paragraph 3A(1) above falls, and

(b) as regards any relevant return period amount X exceeds amount Y,

after the end of the accounting period [F13 an officer of the Board] may make an assessment on the company for an amount of advance corporation tax equal to the excess; and a relevant return period is a return period falling within the accounting period in question.

(4) For the purposes of sub-paragraph (3) above—

(a) amount X is the amount of advance corporation tax which, if the company had not treated itself as an international headquarters company at any time in the accounting period and had made a return for the relevant return period under paragraph 2 above accordingly, would have been payable by the company in respect of the relevant return period under paragraph 2(6) above;

(b) amount Y is the aggregate of the amounts mentioned in sub-paragraph (5) below.

(5) The amounts referred to in sub-paragraph (4)(b) above are—

(a) the amount (if any) of advance corporation tax which was in fact payable by the company under paragraph 2(6) above in respect of the relevant return period,

(b) any amount of advance corporation tax to which the company has been assessed under sub-paragraph (1) above in respect of that period, and

(c) any amount of advance corporation tax to which the company has been assessed under paragraph 3 above in respect of that period and which is attributable to foreign income dividends.

(6) Any advance corporation tax due under an assessment made by virtue of sub-paragraph (3) above shall be treated for the purposes of interest on unpaid tax as having been payable at the time when it would have been payable if the company had not treated itself as an international headquarters company at any time in the accounting period.

Textual Amendments

F11 Words in Sch. 13 para. 3B(1) substituted with effect in accordance with s. 137(2)(3) of the amending Act) by Finance Act 1996 (c. 8), Sch. 23 para. 4(1)(a)

F12 Words in Sch. 13 para. 3B(1) substituted with effect in accordance with s. 137(2)(3) of the amending Act) by Finance Act 1996 (c. 8), Sch. 23 para. 4(1)(b)

F13 Words in Sch. 13 para. 3B(3) substituted with effect in accordance with s. 137(2)(3) of the amending Act) by Finance Act 1996 (c. 8), Sch. 23 para. 4(2)

Receipt of franked investment income after payment of advance corporation tax U.K.

4 (1) This paragraph shall have effect where—

(a) a return has been made of franked payments made in any return period falling within an accounting period and advance corporation tax has been paid in respect of those payments; and

(b) the company receives franked investment income after the end of the return period but before the end of the accounting period.

(2) The company shall make a return under paragraph 1 above for the return period in which the franked investment income is received whether or not it has made any franked payments [F14 , or paid any foreign income dividends,] in that period, and, subject to sub-paragraph (3) below, shall be entitled to repayment of any advance corporation tax paid (and not repaid) in respect of franked payments made in the accounting period in question.

(3) If no franked payments were made by the company in the return period for which a return is made by virtue of sub-paragraph (2) above the amount of the repayment shall not exceed the amount of the tax credit comprised in the franked investment income received; and in any other case the repayment shall not exceed the amount of the tax credit comprised in so much of that franked investment income, if any, as exceeds the amount of the franked payments made in that return period.

Textual Amendments

F14 Words in Sch. 13 para. 4(2) inserted (with effect in accordance with Sch. 16 para. 3(13) of the amending Act) by Finance Act 1994 (c. 9), Sch. 16 para. 3(8)

Receipt of foreign income dividends after payment of advance corporation tax U.K.

4A (1) This paragraph shall have effect where—

(a) a return has been made of foreign income dividends paid in any return period falling within an accounting period and advance corporation tax has been paid in respect of those dividends, and

(b) the company receives foreign income dividends after the end of the return period but before the end of the accounting period.

(2) The company shall make a return under paragraph 1 above for the return period in which the foreign income dividends are received whether or not it has made any franked payments, or paid any foreign income dividends, in that period, and, subject to sub-paragraphs (3) to (5) below, shall be entitled to repayment of any advance corporation tax paid (and not repaid) in respect of foreign income dividends paid in the accounting period in question.

(3) If no foreign income dividends were paid by the company in the return period for which a return is made by virtue of sub-paragraph (2) above (the relevant return period), the amount of the repayment shall not exceed the amount which would have been payable under paragraph 2 above as regards the relevant return period if the company—

(a) had paid in the period foreign income dividends of an amount equal to the foreign income dividends actually received by it in the period and had paid in the period no other foreign income dividends or franked payments, and

(b) had received in the period no foreign income dividends or franked investment income.

(4) If at least one foreign income dividend was paid by the company in the relevant return period and the amount of the foreign income dividends received by it in the period exceeds the amount of the foreign income dividends paid by it in the period, the amount of the repayment shall not exceed the amount which would have been payable under paragraph 2 above as regards the relevant return period if the company—

(a) had paid in the period foreign income dividends of an amount equal to the foreign income dividends actually received by it in the period and had paid in the period no other foreign income dividends or franked payments, and

(b) had received in the period foreign income dividends of an amount equal to the foreign income dividends actually paid by it in the period and had received in the period no other foreign income dividends or franked investment income.

(5) If at least one foreign income dividend was paid by the company in the relevant return period and the amount of the foreign income dividends paid by it in the period exceeds the amount of the foreign income dividends received by it in the period, the company shall not be entitled to a repayment under this paragraph as regards the relevant return period.

Claims for set-off in respect of franked investment income received by a company U.K.

5 Where under paragraph 2 or 4 above franked investment income received by a company falls to be taken into account in determining—

(a) whether advance corporation tax is payable or repayable; or

(b) the amount of such tax which is payable or repayable,

the inclusion of that franked investment income in the appropriate return shall be treated as a claim by the company to have it so taken into account, and any such claim shall be supported by such evidence as [F15 an officer of the Board] may reasonably require.

Textual Amendments

F15 Words in Sch. 13 para. 5 substituted (with effect in accordance with s. 137(2)(3) of the amending Act) by Finance Act 1996 (c. 8), Sch. 23 para. 5

6 (1) Where a claim has been made under paragraph 5 above no proceedings for collecting tax which would fall to be discharged if the claim were allowed shall be instituted pending the final determination of the claim, but this sub-paragraph shall not affect the date when the tax is due.

(2) When the claim is finally determined any tax underpaid in consequence of sub-paragraph (1) above shall be paid.

(3) Where proceedings are instituted for collecting tax assessed, or interest on tax assessed, under any provision of this Schedule, effect shall not be given to any claim made after the institution of the proceedings so as to affect or delay the collection or recovery of the tax charged by the assessment or of interest thereon, until the claim has been finally determined.

(4) When the claim is finally determined any tax overpaid in consequence of sub-paragraph (3) above shall be repaid.

(5) References in this paragraph to proceedings for the collection of tax include references to proceedings by way of distraint or poinding for tax.

Claims for set-off in respect of foreign income dividends received by a company U.K.

6A (1) Where under paragraph 2 or 4A above foreign income dividends received by a company fall to be taken into account in determining—

(a) whether advance corporation tax is payable or repayable, or

(b) the amount of such tax which is payable or repayable,

the inclusion of the foreign income dividends in the appropriate return shall be treated as a claim by the company to have them so taken into account, and any such claim shall be supported by such evidence as [F16 an officer of the Board] may reasonably require.

(2) Paragraph 6 above shall apply in relation to a claim under this paragraph as it applies in relation to a claim under paragraph 5 above.

Textual Amendments

F16 Words in Sch. 13 para. 6A(1) substituted (with effect in accordance with s. 137(2)(3) of the amending Act) by Finance Act 1996 (c. 8), Sch. 23 para. 6

Qualifying distributions which are not payments and payments of uncertain nature U.K.

7 (1) This paragraph applies to—

(a) any qualifying distribution which is not a payment; and

(b) any payment in respect of which the company making it would be liable to pay advance corporation tax if, but only if, it amounted to or involved a qualifying distribution and it is not in the circumstances clear whether or how far it does so.

[F17 (2) No amount is required to be shown under paragraph 2(1)(a) or (c) above in respect of the qualifying distribution or payment and, unless estimated amounts are shown by virtue of paragraph (a) below, paragraph 3(1) above shall not apply in relation to advance corporation tax in respect thereof; but—

(a) the company making the return may include under paragraph 2(1)(a) and (c) above estimated amounts in respect of the qualifying distribution or payment; and

(b) if it does so, paragraph 3(1) above shall apply in relation to advance corporation tax in respect thereof as it applies in relation to advance corporation tax in respect of franked payments which are required to be included in the return.]

(3) [F18 Whether or not estimated amounts are also included under paragraph 2(1)(a) or (c) above in respect of the qualifying distribution or payment,] particulars of the qualifying distribution or payment shall be given separately in the return for the return period in which it is made [F19 and if in that period no franked payment (apart from that distribution or payment) is made and no foreign income dividend is paid], a return containing those particulars shall be made for that period under paragraph 1 above.

[F20 (3A) Sub-paragraph (4) below applies—

(a) if an estimated amount is not included under paragraph 2(1)(a) or (c) above in respect of the qualifying distribution or payment; or

(b) if an officer of the Board is of the opinion that an estimated amount which is included under paragraph 2(1)(a) or (c) above in respect of the qualifying distribution or payment is incorrect.

(4) Where this sub-paragraph applies, any advance corporation tax payable in respect of the qualifying distribution or payment shall be assessed on the company and shall be so assessed without regard to any franked investment income received by the company, but—

(a) relief shall be given in accordance with sub-paragraph (4A) or (4B) below;

(b) for the purposes of the application of paragraph 2(3) above to any subsequent return period, the amount of the franked payment comprising the qualifying distribution or payment shall be taken to be the amount calculated as mentioned in sub-paragraph (4A) or (4B) below, as the case may be; and

(c) any advance corporation tax due under an assessment made by virtue of this sub-paragraph shall be treated for the purposes of interest on unpaid tax as having been payable at the time when it would have been payable if correct amounts had been included under paragraph 2(1)(a) and (c) above in respect of the qualifying distribution or payment.

(4A) Where sub-paragraph (4) above applies by virtue of sub-paragraph (3A)(a) above, relief shall be given from the tax assessed (by discharge thereof) to the extent, if any, to which that tax exceeds the tax that would have been payable if the amount of the franked payment comprising the qualifying distribution or payment, calculated on the amount or value thereof shown in the assessment, had been included in the return under sub-paragraph (1)(a) of paragraph 2 above and the tax had been calculated in accordance with sub-paragraph (4) of that paragraph.

(4B) Where sub-paragraph (4) above applies by virtue of sub-paragraph (3A)(b) above, relief shall be given from the tax assessed (by discharge thereof) to the extent, if any, to which that tax exceeds the tax that would have been payable if the excess (if any) of—

(a) the amount of the franked payment comprising the qualifying distribution or payment, calculated on the amount or value thereof shown in the assessment, over

(b) the estimated amount specified under paragraph 2(2)(b) above in respect of that franked payment,

had been included in the return under sub-paragraph (1)(a) of paragraph 2 above and the tax had been calculated in accordance with sub-paragraph (4) of that paragraph.]

Textual Amendments

F17 Sch. 13 para. 7(2) substituted (with effect in accordance with s. 137(2)(3) of the amending Act) by Finance Act 1996 (c. 8), Sch. 23 para. 7(2)

F18 Words in Sch. 13 para. 7(3) inserted (with effect in accordance with s. 137(2)(3) of the amending Act) by Finance Act 1996 (c. 8), Sch. 23 para. 7(3)

F19 Words in Sch. 13 para. 7(3) substituted (with effect in accordance with Sch. 16 para. 3(13) of the amending Act) by Finance Act 1994 (c. 9), Sch. 16 para. 3(11)

F20 Sch. 13 para. 7(3A)(4)(4A)(4B) substituted for para. 7(4) (with effect in accordance with s. 137(2)(3) of the amending Act) by Finance Act 1996 (c. 8), Sch. 23 para. 7(4)

Amended return where company becomes aware of an error U.K.

7A (1) If a company becomes aware—

(a) that anything which ought to have been included in a return made by it under this Schedule for any return period has not been so included,

(b) that anything which ought not to have been included in a return made by it under this Schedule for any return period has been so included,

(c) that an estimated amount included by virtue of paragraph 7(2)(a) above in a return under this Schedule for any period is incorrect, or

(d) that any other error has occurred in a return made by it under this Schedule for any return period,

it shall forthwith supply to the collector an amended return for that return period.

(2) The duty imposed by sub-paragraph (1) above is without prejudice to any duty that may also arise under paragraph 7A of Schedule 16.

(3) Where an amended return is supplied under this paragraph, all such assessments, adjustments, set-offs or payments or repayments of tax shall be made as may be required for securing that the resulting liabilities to tax (including interest on unpaid or overpaid tax) whether of the company or any other person are the same as they would have been if a correct return had been made.

Modifications etc. (not altering text)

C9 Sch. 13 para. 7A applied (with modifications) (1.7.1997 with effect in accordance with reg. 6(2) of the amending instrument the appointed day being 1.7.1997 (S.I. 1998/3173 art. 2)) by The Manufactured Dividends (Tax) Regulations 1997 (S.I. 1997/993), reg. 6

Items included in error U.K.

8 Where any item has been included in a return under this Schedule as a franked payment made or as franked investment income received by a company but that item should have been included in a return or claim under Schedule 16, [F21 an officer of the Board] may make any such assessments, adjustments or set-offs as may be required for securing that the resulting liabilities to tax (including interest on unpaid tax) whether of the company or of any other person are the same as they would have been if the item had been included in the right return or claim.

Textual Amendments

F21 Words in Sch. 13 para. 8 substituted (with effect in accordance with s. 137(2)(3) of the amending Act) by Finance Act 1996 (c. 8), Sch. 23 para. 9

Modifications etc. (not altering text)

C10 Sch. 13 para. 8 applied (with modifications) (1.7.1997) by The Manufactured Dividends (Tax) Regulations 1997 (S.I. 1997/993), reg. 6

Qualifying distribution made otherwise than in an accounting period U.K.

9 Where a company makes a qualifying distribution on a date which does not fall within an accounting period the company shall make a return of that distribution within 14 days from that date, and the advance corporation tax in respect thereof shall be due at the time by which the return is to be made, except where the distribution is not a payment in which case the advance corporation tax shall be assessed on the company.

Manufactured foreign income dividends U.K.

9A (1) This paragraph applies in any case where, by virtue of paragraph 2(2) and (6) of Schedule 23A, a company is treated as having paid a foreign income dividend.

(2) No amount shall be shown under paragraph 2(1)(d) above in respect of the dividend which is treated as having been paid, but the company’s return for the return period in which the dividend is treated as having been paid shall state separately that it was treated as paid and shall show its amount.

Assessments and due date of tax U.K.

10 (1) All the provisions of the Corporation Tax Acts as to the time within which an assessment may be made, so far as they refer or relate to the accounting period for which an assessment is made, or the accounting period to which an assessment relates, shall apply in relation to an assessment under this Schedule notwithstanding that, under this Schedule, the assessment may be said to relate to a quarter or other period which is not an accounting period; and the provisions of [F22 section 36] of the Management Act as to the circumstances in which an assessment may be made out of time shall apply accordingly on the footing that any such assessment relates to the accounting period in which the quarter or other period ends or, in the case of an assessment under paragraph 9 above, to an accounting period ending on the date on which the distribution is made.

(2) Advance corporation tax assessed on a company under this Schedule shall be due within 14 days after the issue of the notice of assessment (unless due earlier under paragraph 3(1) or 9 above).

(3) Sub-paragraph (2) above has effect subject to any appeal against the assessment, but no such appeal shall affect the date when tax is due under paragraph 3(1) or 9 above.

(4) On the determination of an appeal against an assessment under this Schedule any tax overpaid shall be repaid.

(5) Any tax assessable under any one or more of the provisions of this Schedule may be included in one assessment if the tax so included is all due on the same date.

Textual Amendments

F22 1989 s.149(3)(c)—not to affect the making of assessments before 1983-84or for accounting periods ending before 1April 1983.Previously

“sections 36 and 39”.

Modifications etc. (not altering text)

C11 Sch. 13 para. 10 applied (with modifications) (1.7.1997) by The Manufactured Dividends (Tax) Regulations 1997 (S.I. 1997/993), reg. 6