SCHEDULES
SCHEDULE 12 Banks etc. in compulsory liquidation
F3Taxation of certain receipts
3
1
Tax shall be charged F4... in respect of any sums within sub-paragraph (2) below that are received by the company or its liquidator after—
a
the commencement of the winding-up proceedings, or
b
the discontinuance of the relevant trade,
whichever was the later.
F51A
So far as relating to corporation tax, the charge to tax under sub-paragraph (1) has effect as an application of the charge to corporation tax on income.
2
Subject to sub-paragraph (3) below, any sum arising from the carrying on of the relevant trade is within this sub-paragraph, in so far as its value was not brought into account in computing the profits or gains of the trade for any period before the discontinuance.
3
The following are not within sub-paragraph (2) above—
a
any sum received on behalf of a person who is entitled to it to the exclusion of the company and its liquidator;
b
F1c
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
Where tax is chargeable in respect of any sum by virtue of this paragraph, any other provision charging that sum to tax shall not apply.
F25
This paragraph and paragraph 4 below have effect for the purposes of corporation tax notwithstanding anything in F8section 464(1) of the Corporation Tax Act 2009 (matters to be brought into account in the case of loan relationships only under Part 5 of that Act).
Sch. 12 para. 3 cross-heading substituted (1.4.2009) (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 390(6) (with Sch. 2 Pts. 1, 2)