SCHEDULES
F1F2C1C2C3C4C5C6Schedule 19AB PENSION BUSINESS: PAYMENTS ON ACCOUNT OF TAX CREDITS AND DEDUCTED TAX
Sch. 19AB repealed (with effect in accordance with s. 87(2)-(5) of the repealing Act) by Finance Act 2001 (c. 9), s. 87(1), Sch. 33 Pt. 2(12), Note (the provisions of Sch. 19AB not applying in relation to tax credits in respect of distributions made on or after 6th April 2004)
Sch. 19AB: power to modify conferred (with application as mentioned in s. 121(2) of the affecting Act) by 1993 c. 34, s. 121(1)(2)
Sch. 19AB modified (1.1.1994 with effect in accordance with reg. 1 of the modifying S.I.) by The Friendly Societies (Provisional Repayments for Exempt Business) Regulations 1993 (S.I. 1993/3112), regs. 2-9 (as amended (20.3.1997 with effect in accordance with reg. 1 of the amending S.I.) by The Friendly Societies (Provisional Repayments for Exempt Business) (Amendment) Regulations 1997 (S.I. 1997/474), regs. 2-5); and the 1993 modifying S.I. and the 1997 amending S.I. are revoked (30.3.1999 with effect in accordance with reg. 1(2) of the revoking S.I.) by The Friendly Societies (Provisional Repayments for Exempt Business) Regulations 1999 (S.I. 1999/622), reg. 13
Sch. 19AB modified (2.1.1996) by The Insurance Companies (Gilt-edged Securities) (Periodic Accounting for Tax on Interest) Regulations 1995 (S.I. 1995/3223), regs. 4-10
Sch. 19AB modified (31.7.1997) by Finance (No. 2) Act 1997 (c. 58), Sch. 3 para. 12
Sch. 19AB applied (with modifications) (6.4.1999) by The Individual Savings Account (Insurance Companies) Regulations 1998 (S.I. 1998/1871), regs. 20, 21 (as amended (1.1.2002 with effect in accordance with reg. 1 of the amending S.I.) by The Individual Savings Account (Insurance Companies) (Amendment) Regulations 2001 (S.I. 2001/3974), regs. 2-5, Sch.)
Sch. 19AB applied (with modifications) (30.3.1999 with effect in accordance with reg. 1(2) of the affecting S.I.) by The Friendly Societies (Provisional Repayments for Exempt Business) Regulations 1999 (S.I. 1999/622), regs. 2-12
F3Transitional application of pay and file provisions
Sch. 19AB inserted (25.7.1991 with effect as mentioned in s. 49(3) in relation to accounting periods beginning on or after 2.10.1992) by Finance Act 1991 (c. 31, SIF 63:1), s. 49, Sch. 8; S.I. 1992/1746, art.2
F45
1
This paragraph applies in relation to an accounting period of an insurance company if—
a
the accounting period—
i
begins on or after the commencement day; and
ii
ends on or before the day appointed for the purposes of section 10;
b
the company carries on pension business for the whole or part of the accounting period; and
c
the company makes a claim for a provisional repayment for the accounting period;
and in this paragraph “transitional accounting period” means an accounting period in relation to which this paragraph applies.
2
An insurance company shall be entitled—
a
to make a claim for payment of a tax credit in respect of any income of a transitional accounting period, and
b
to make a claim for the purposes of section 7(5), so far as relating to section 7(2) or 11(3), in respect of any income tax falling to be set off against corporation tax for a transitional accounting period,
(and may do so whether or not the income in question is referable to the company’s pension business).
3
For the purposes of sub-paragraph (2) above, sections 7(2) and 11(3) shall have effect in relation to a transitional accounting period as if the words from “and accordingly” to the end, in each provision, were omitted.
4
A claim under sub-paragraph (2) above may only be made at such time or within such period as the Board may by regulations provide.
5
In the application of this Schedule in relation to a transitional accounting period, paragraph 1 above shall have effect as if the reference in each of sub-paragraphs (7) and (10) to a claim such as is mentioned in section 7(6) or in section 42(5A) of the Management Act were a reference to a claim under paragraph (a) or (b) of sub-paragraph (2) above.
6
If and to the extent that the provisions of section 826, or of section 87A of the Management Act, would not, apart from this sub-paragraph, have effect in relation to a transitional accounting period, they shall be treated as having effect for all purposes in relation to that accounting period; and—
a
in the application of section 826 by virtue of this sub-paragraph, the reference in subsection (1)(a) of that section to an accounting period which ends after the appointed day shall be treated as a reference to a transitional accounting period; and
b
in the application of section 87A of the Management Act by virtue of this sub-paragraph, corporation tax shall be taken to become due and payable on the day following the expiration of the period within which it is required under section 10(1)(b) to be paid.
7
If and to the extent that the amendments of section 30 of the Management Act specified in subsections (1) to (4) of section 88 of the Finance (No.2) Act 1987 would not, apart from this sub-paragraph, have effect in relation to a transitional accounting period, they shall be treated as having effect for all purposes in relation to that transitional accounting period.
8
Subsection (7) of section 88 of the Finance (No.2) Act 1987 shall have effect for the purposes of sub-paragraph (7) above as if the reference in paragraph (a) of that subsection to accounting periods ending after the appointed day were a reference to transitional accounting periods.
9
In this paragraph “the commencement day” means the day appointed under section 49 of the Finance Act 1991.
Sch. 19AB inserted (with effect in relation to accounting periods beginning on or after 2.10.1992) by Finance Act 1991 (c. 31, SIF 63:1), s. 49, Sch. 8; S.I. 1992/1746, art. 2