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Changes over time for: Cross Heading: The Taxes Management Act 1970 (c. 9)
Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 17/07/2012.
Changes to legislation:
There are currently no known outstanding effects for the Finance Act 1991, Cross Heading: The Taxes Management Act 1970 (c. 9).
Changes to Legislation
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The Taxes Management Act 1970 (c. 9)U.K.
1(1)In section 86 of the Taxes Management Act 1970 (interest on overdue tax) after subsection (2) there shall be inserted—U.K.
“(2A)In any case where—
(a)on a claim under section 393A(1) of the principal Act, the whole or any part of a loss incurred in an accounting period (the “later period) is set off for the purposes of corporation tax against profits of a preceding accounting period (the “earlier period),
(b)the earlier period does not fall wholly within the period of twelve months immediately preceding the later period, and
(c)if the claim had not been made, an amount of corporation tax assessed for the earlier period would carry interest in accordance with this section,
then, in determining the amount of interest payable under this section on corporation tax unpaid for the earlier period, no account shall be taken of any reduction in the amount of that tax which results from the claim, except so far as concerns interest for any time after the day following the expiry of the period of nine months from the end of the later period.”
(2)The subsection (2A) inserted by sub-paragraph (1) above shall be omitted where the accounting period referred to in that subsection as the earlier period ends after the appointed day for the purposes of section 86 of the Finance (No.2) Act 1987 so far as relating to the omission of section 86(2)(d) of the Taxes Management Act 1970.
2U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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