(1)M1Except as provided by section 478—
(a)corporation tax for an accounting period ending after such day or days (not being earlier than 31st March 1992) as the Treasury may by order appoint for the purposes of this section shall be due and payable on the day following the expiry of nine months from the end of that period; and
(b)corporation tax assessed for any other accounting period shall be paid within nine months from the end of that period or, if it is later, within 30 days from the date of the issue of the notice of assessment.
[F1(2)Where by virtue of subsection (1)(a) above corporation tax for an accounting period of a company is due without the making of an assessment, the amount for the time being shown in a return by the company under section 11 of the Management Act (corporation tax return) as the corporation tax for the period shall be treated for the purposes of Part VI of the Management Act (collection and recovery) as tax charged and due and payable under an assessment on the company.]
(3)If, with respect to any accounting period—
(a)a company has paid an amount of corporation tax without the making of an assessment; and
(b)at any time before an assessment to corporation tax for the period becomes final, the company has grounds for believing that, by reason of a change in the circumstances of the case since the tax was paid, the amount paid exceeds the company’s probable liability for corporation tax,
the company may, by notice given to the inspector on or after the date which, under section 826, is the material date in relation to that tax, make a claim for the repayment to the company of the amount of that excess; and a notice under this subsection shall state the amount which the company considers should be repaid and the grounds referred to in paragraph (b) above.
(4)If, apart from this subsection, a claim would fall to be made under subsection (3) above at a time when the company concerned has appealed against such an assessment as is referred to in paragraph (b) of that subsection but that appeal has not been finally determined, that subsection shall have effect as if, for the words from “make a claim” to “excess”, there were substituted “apply to the Commissioners to whom the appeal stands referred for a determination of the amount which should be repaid to the company pending a determination of the company’s liability for the accounting period in question”; and such an application shall be determined in the same way as the appeal.
(5)Where on an appeal against an assessment to corporation tax a company makes an application under section 55(3) or (4) of the Management Act (postponement of tax charged but not paid etc.), that application may be combined with an application under subsections (3) and (4) above (relating to tax which was paid prior to the assessment).
Textual Amendments
F11990 s.106.Previously
“(2) Notwithstanding that, by virtue of subsection (1)(a) above or section 419(1), any corporation tax (or any amount payable as if it were corporation tax) is due without the making of an assessment, no proceedings for collecting that tax (or other amount) shall be instituted—(a) unless it has been assessed; and (b) until the expiry of the period of 30 days beginning on the date on which the notice of assessment is issued; and the reference in this subsection to proceedings for collecting tax or any other amount includes a reference to proceedings by way of distraint or poinding for that tax or other amount.”.
Modifications etc. (not altering text)
C1S. 10: the day appointed for the purposes of s. 10 is 30.9.1993 by S.I. 1992/3066, art. 2(2)(b).
C2 Provisions coming into force in respect of accounting periods ending after the day to be appointed in accordance with subs. (1):—Insertion of ss.41A, B, Cinto 1970(M)by 1990 s.95—corporation tax determinations.
Amendment of 1970(M) s.42by 1990 s.97—payment of tax credits.
Amendment of 1988 ss.7and 11by 1990 s.98—repayment of income tax deducted at source.
Amendment of 1988 ss.393and 396by 1990 s.99—loss relief.
Insertion of s.411Ainto 1988by 1990 s.101—group relief by way of substitution for loss relief.
Amendment of 1988 s.412and addition of Sch.17Aby 1990 s.100—group relief.
Insertion of s.145Aand Schedule A1into 1990(C)by 1990 s.102—corporation tax allowances: claims.
Implementation of amendments made in 1990(C)by 1990 s.103and Sch.17—capital allowances: assimilation to claims by individuals.
Repeals in 1971 Sch.6 para.82, 1972 Sch.24 para.4, 1988 Sch.29 paras.4and 32,and in 1990(C)by 1990 s.132and Sch.19 Part V.
Marginal Citations
M1Source—1970 s.243(4); 1975(No. 2) s.44(2); 1987(No. 2) s.90(1)(b), (4)-(7)