SCHEDULES

SCHEDULE 16 U.K.M1 COLLECTION OF INCOME TAX ON COMPANY PAYMENTS WHICH ARE NOT DISTRIBUTIONS

Modifications etc. (not altering text)

C1 See—1970(M) s.55—recovery of tax not in dispute.1970(M) s.87—interest on overdue ACT.1988 s.339—donations to charity.1988 s.341—payments of interest etc between related companies.1988 s.479—interest paid on deposits with banks etc. (but ceases to have effect as regards interest paid or credited on or after 6April 1991).1988 s.480A—relevant deposits: deduction of tax from interest payments.S.I. 1988 No.482 (in Part III Vol.5) regn. 7—Building Society Regulations.

C2 Sch. 16 modified by S.I. 1991/512, reg.3

Sch. 16 excluded (22.3.1992) by S.I. 1992/569, reg. 13(2)(d)

Sch. 16 applied (with modifications) (24.9.1992) by S.I. 1992/2074, reg. 14(5)

Sch. 16 applied (with modifications) (1.10.1993) by S.I. 1993/2004, reg. 13(3)

C3 Sch. 16 applied (with modifications) (1.7.1997) by The Manufactured Interest (Tax) Regulations 1997 (S.I. 1997/992), reg. 3

Marginal Citations

M1 Source—1972 Sch.20

Set-off of income tax borne on company income against tax payable U.K.

7 Income tax set against other tax under paragraph 5 above shall be treated as paid or repaid, as the case may be, and the same tax shall not be taken into account both under this Schedule and under section 7(2).