C1C2C3PART VI COMPANY DISTRIBUTIONS, TAX CREDITS ETC

Annotations:
Modifications etc. (not altering text)
C1

Pt. 6 modified by Airports Act 1986 (c. 31), s. 77(3) (as substituted (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 14 para. 3 (with Sch. 15))

C2

Pt. 6 modified by Gas Act 1986 (c. 44), s. 60(3) (as substituted (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 14 para. 4 (with Sch. 15))

C3

Pt. 6 modified by British Steel Act 1988 (c. 35), s. 11(7) (as substituted (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 14 para. 55 (with Sch. 15))

CHAPTER III MATTERS WHICH ARE NOT DISTRIBUTIONS FOR THE PURPOSES OF THE CORPORATION TAX ACTS

Demergers

216 Returns.

1

M1Where a company makes an exempt distribution it shall within 30 days after the distribution make a return to the inspector giving particulars of the distribution and of the circumstances by reason of which it is exempt.

2

M2Where within five years after the making of an exempt distribution a person makes a chargeable payment which consists of a transfer of money’s worth, he shall within 30 days after the transfer make a return to the inspector giving particulars—

a

of the transaction effecting the transfer;

b

of the name and address of the recipient or each recipient and the value of what is transferred to him or each of them; and

c

if the transfer is accompanied by a chargeable payment consisting of a payment of money, of that payment.

3

Subject to subsection (4) below, where within five years after the making of an exempt distribution a person makes a payment or a transfer of money’s worth which would be a chargeable payment but for the fact that it is made for bona fide commercial reasons and does not form part of any such scheme or arrangements as are mentioned in section 214(2), that person shall within 30 days after making the payment or transfer make a return to the inspector giving particulars—

a

in the case of a transfer, of the transaction by which it is effected;

b

of the name and address of the recipient or each recipient and the amount of the payment made, or the value of what is transferred, to him or each of them; and

c

of the circumstances by reason of which the payment or transfer is not a chargeable payment.

4

Subsection (3) above does not apply where the payment or transfer is one in relation to which a notification under section 215(3) has effect.