Search Legislation

Finance Act 1998

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Cross Heading: Right of company to recover tax from trustees

 Help about opening options

Version Superseded: 21/07/2008

Alternative versions:

Status:

Point in time view as at 24/07/2002.

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 1998, Cross Heading: Right of company to recover tax from trustees. Help about Changes to Legislation

Right of company to recover tax from trusteesU.K.

3U.K.After section 551 of the Taxes Act 1988 (right of individual to recover tax from trustees) there shall be inserted—

551A Right of company to recover tax from trustees.

(1)Where—

(a)an amount is included in a company’s income by virtue of section 547(1)(b), and

(b)the rights or share in question were held immediately before the happening of the chargeable event on trust,

the company shall be entitled to recover from the trustees, to the extent of any sums, or to the value of any benefits, received by them by reason of the event, the amount (if any) by which T1 exceeds T2.

(2)For the purposes of subsection (1) above—

  • T1 is the tax with which the company is chargeable for the accounting period in question; and

  • T2 is the tax with which the company would have been chargeable for the accounting period if the amount mentioned in subsection (1)(a) above had not been included as there mentioned.

(3)A company may require the Board to certify any amount recoverable by the company by virtue of this section, and the certificate shall be conclusive evidence of the amount.

Back to top

Options/Help