Part II Income Tax, Corporation Tax and Capital Gains Tax
Chapter II Management
Returns and information
90 Income tax returns.
(1)
“8 Personal return.
(1)
For the purposes of assessing a person to income tax, he may be required by a notice given to him by an inspector—
(a)
to make and deliver to the inspector within the time limited by the notice a return containing such information as may be required in pursuance of the notice, and
(b)
to deliver with the return such accounts and statements, relating to information contained in the return, as may be required in pursuance of the notice.
(2)
Every return under this section shall include a declaration by the person making the return to the effect that the return is to the best of his knowledge correct and complete.
(3)
A notice under this section may require different information, accounts and statements for different periods or in relation to different descriptions of source of income.
(4)
Notices under this section may require different information, accounts and statements in relation to different descriptions of person.
8A Trustee’s return.
(1)
For the purpose of assessing a trustee of a settlement, and the settlors and beneficiaries, to income tax an inspector may by a notice given to the trustee require the trustee—
(a)
to make and deliver to the inspector within the time limited by the notice a return containing such information as may be required in pursuance of the notice, and
(b)
to deliver with the return such accounts and statements, relating to information contained in the return, as may be required in pursuance of the notice;
and a notice may be given to any one trustee or separate notices may be given to each trustee or to such trustees as the inspector thinks fit.
(2)
Every return under this section shall include a declaration by the person making the return to the effect that the return is to the best of his knowledge correct and complete.
(3)
A notice under this section may require different information, accounts and statements for different periods or in relation to different descriptions of source of income.
(4)
Notices under this section may require different information, accounts and statements in relation to different descriptions of settlement.
9 Partnership return.
(1)
Where a trade or profession is carried on by two or more persons jointly, for the purposes of making an assessment to income tax in the partnership name an inspector may act under subsection (2) or (3) below (or both).
(2)
An inspector may by a notice given to the partners require such person as is identified in accordance with rules given with the notice—
(a)
to make and deliver to the inspector within the time limited by the notice a return containing such information as may be required in pursuance of the notice, and
(b)
to deliver with the return such accounts and statements as may be required in pursuance of the notice.
(3)
An inspector may by a notice given to any partner require the partner—
(a)
to make and deliver to the inspector within the time limited by the notice a return containing such information as may be required in pursuance of the notice, and
(b)
to deliver with the return such accounts and statements as may be required in pursuance of the notice;
and a notice may be given to any one partner or separate notices may be given to each partner or to such partners as the inspector thinks fit.
(4)
Every return under this section shall include—
(a)
a declaration of the names and residences of the partners;
(b)
a declaration by the person making the return to the effect that the return is to the best of his knowledge correct and complete.
(5)
A notice under this section may require different information, accounts and statements for different periods or in relation to different descriptions of source of income.
(6)
Notices under this section may require different information, accounts and statements in relation to different descriptions of partnership.”
(2)
In section 12 of that Act (information about chargeable gains)—
(a)
in subsection (1) for the words “Section 8” there shall be substituted the words “
Sections 8 and 8A
”
and for the words “it applies” there shall be substituted the words “
they apply
”
;
F1(b)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(c)
in subsection (4) the words “of income of a partnership” shall be omitted.
(3)
In section 93 of that Act (penalties) in subsection (1) for the words “9 of this Act (or either” there shall be substituted the words “
8A or 9 of this Act (or any
”
.
(4)
In section 95 of that Act (penalties) in subsection (1)(a) for the words “9 of this Act (or either” there shall be substituted the words “
8A or 9 of this Act (or any
”
.
(5)
This section applies where a notice to deliver a return was, or falls to be, given after 5th April 1990.
F291. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
92 Information powers relating to interest.
(1)
Section 17 of the M2Taxes Management Act 1970 (interest paid or credited by banks etc. without deduction of income tax) shall be amended as mentioned in subsections (2) and (3) below.
(2)
In subsection (1)—
(a)
after the words “without deduction of income tax” there shall be inserted the words “
or after deduction of income tax
”
;
(b)
after the words “the amount of the interest” there shall be inserted the words “
actually paid or credited and (where the interest was paid or credited after deduction of income tax) the amount of the interest from which the tax was deducted and the amount of the tax deducted
”
;
(c)
paragraph (a) of the proviso shall be omitted.
(3)
“(5)
The Board may by regulations provide as mentioned in all or any of the following paragraphs—
(a)
that a return under subsection (1) above shall contain such further information as is prescribed if the notice requiring the return specifies the information and requires it to be contained in the return;
(b)
that a person required to make and deliver a return under subsection (1) above shall furnish with the return such further information as is prescribed if the notice requiring the return specifies the information and requires it to be so furnished;
(c)
that if a person is required to furnish information under any provision made under paragraph (b) above, and the notice requiring the return specifies the form in which the information is to be furnished, the person shall furnish the information in that form;
(d)
that a notice under subsection (1) above shall not require prescribed information;
and in this subsection “prescribed” means prescribed by the regulations.
(6)
Regulations under subsection (5) above—
(a)
shall be made by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons,
(b)
may make different provision in relation to different cases or descriptions of case, and
(c)
may include such supplementary, incidental, consequential or transitional provisions as appear to the Board to be necessary or expedient.”
(4)
Section 18 of that Act (interest paid without deduction of income tax) shall be amended as mentioned in subsections (5) and (6) below.
(5)
In subsection (1)—
(a)
after the words “without deduction of income tax” there shall be inserted the words “
or after deduction of income tax
”
;
(b)
in paragraph (b) for the words “so paid or received” there shall be substituted the words “
actually paid or received and (where the interest has been paid or received after deduction of income tax) the amount of the interest from which the tax has been deducted and the amount of the tax deducted
”
;
(c)
for the words “its amount” there shall be substituted the words “
the amount actually received and (where the interest has been received after deduction of income tax) the amount of the interest from which the tax has been deducted and the amount of the tax deducted
”
.
(6)
“(3B)
The Board may by regulations provide as mentioned in all or any of the following paragraphs—
(a)
that a person required to furnish information under subsection (1) above shall furnish at the same time such further information as is prescribed if the notice concerned specifies the information and requires it to be so furnished;
(b)
that if a person is required to furnish information under subsection (1) above or under any provision made under paragraph (a) above, and the notice concerned specifies the form in which the information is to be furnished, the person shall furnish the information in that form;
(c)
that a notice under subsection (1) above shall not require prescribed information;
and in this subsection “prescribed” means prescribed by the regulations.
(3C)
Regulations under subsection (3B) above—
(a)
shall be made by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons,
(b)
may make different provision in relation to different cases or descriptions of case, and
(c)
may include such supplementary, incidental, consequential or transitional provisions as appear to the Board to be necessary or expedient.”
(7)
Subsections (1) to (3) above shall have effect as regards a case where interest is paid or credited in the year 1991-92 or a subsequent year of assessment.
(8)
Subsections (4) to (6) above shall have effect as regards a case where interest is paid in the year 1991-92 or a subsequent year of assessment.
93 Restrictions on Board’s power to call for information.
(1)
“(7A)
A notice under subsection (2) above is not to be given unless the Board have reasonable grounds for believing—
(a)
that the person to whom it relates may have failed or may fail to comply with any provision of the Taxes Acts; and
(b)
that any such failure is likely to have led or to lead to serious prejudice to the proper assessment or collection of tax.”
(2)
This section shall apply with respect to notices given on or after the day on which this Act is passed.
F394. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Corporation tax determinations
F495. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F596. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Claims by companies
F697. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
98 Repayment of income tax deducted at source.
(1)
The Taxes Act 1988 shall be amended as follows.
(2)
In section 7(2) (set off against corporation tax of income tax deducted from payments received by resident companies) the words from “and accordingly” to the end shall be omitted.
F7(3)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)
In section 11(3) (set off against corporation tax of income tax deducted from payments received by non-resident companies) the words from “and accordingly” to the end shall be omitted.
(5)
This section applies in relation to income tax falling to be set off against corporation tax for accounting periods ending after the day appointed for the purposes of section 10 of the Taxes Act 1988 (pay and file).
99 Loss relief.
(1)
The Taxes Act 1988 shall be amended as follows.
(2)
In section 393 (relief for trading losses) in subsection (1) (carry forward of losses on the making of a claim)—
(a)
for the words “the company may make a claim requiring that the loss” there shall be substituted the words “
the loss shall
”
, and
(b)
for the words “on that claim” there shall be substituted the words “
under this subsection
”
;
and in subsection (11) (time limit for claims) the words from the beginning to “of six years; and” shall be omitted.
(3)
In section 396 (relief for Case VI losses on the making of a claim)—
(a)
in subsection (1) for the words “the company may make a claim requiring that the loss” there shall be substituted the words “
the loss shall
”
, and
(b)
subsection (3) (time limit for claims) shall cease to have effect.
(4)
This section applies in relation to accounting periods ending after the day appointed for the purposes of section 10 of the Taxes Act 1988 (pay and file).
F8100. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F9101. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F10102. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F11103. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Miscellaneous
104 Officers.
(1)
“(2A)
The Board may appoint a person to be an inspector or collector for general purposes or for such specific purposes as the Board think fit.
(2B)
Where in accordance with the Board’s administrative practices a person is authorised to act as an inspector or collector for specific purposes, he shall be deemed to have been appointed to be an inspector or collector for those purposes.”
(2)
In section 55 of that Act (recovery of tax not postponed)—
(a)
in subsection (7) for the words “the inspector” there shall be substituted the words “
an inspector
”
;
F12(b)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)
The amendment made by subsection (1) above shall be deemed always to have had effect.
(4)
The amendments made by subsection (2) above shall apply where notice of appeal is given on or after the day on which this Act is passed.
105 Recovery of excessive repayments of tax.
(1)
“(1A)
Subsection (1)
above shall not apply where the amount of tax which has been repaid is assessable under section 29 of this Act.”
(2)
This section applies in relation to amounts of tax repaid on or after the day on which this Act is passed.
106 Corporation tax: collection.
“(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.”