SCHEDULES

SCHEDULE 18 U.K. Company tax returns, assessments and related matters

Modifications etc. (not altering text)

C1 Sch. 18 restricted (31.7.1998) by 1988 c. 1, s. 754B(10) (as inserted (31.7.1998 with effect as mentioned in Sch. 17 para. 37 of 1998 c. 36) by 1998 c. 36, s. 113, Sch. 17 para. 11)

[F1 PART 9C CLAIMS FOR TAX CREDIT UNDER SCHEDULE 13 TO THE FINANCE ACT 2002

Textual Amendments

F1 Sch. 18 Pt. 9C inserted (24.7.2002 with effect as mentioned in Sch. 14 para. 5 of the amending Act) by 2002 c. 23, s. 54, Sch. 14 para. 4

Introduction U.K.

83M This Part of this Schedule applies to claims for tax credits under Schedule 13 to the Finance Act 2002 (vaccine research etc).

Textual Amendments

F1 Sch. 18 Pt. 9C inserted (24.7.2002 with effect as mentioned in Sch. 14 para. 5 of the amending Act) by 2002 c. 23, s. 54, Sch. 14 para. 4

Claim to be included in company tax return U.K.

83N (1) A claim to which this Part of this Schedule applies must be made by being included in the claimant company’s company tax return for the accounting period for which the claim is made.

(2) It may be included in the return originally made or by amendment.

Textual Amendments

F1 Sch. 18 Pt. 9C inserted (24.7.2002 with effect as mentioned in Sch. 14 para. 5 of the amending Act) by 2002 c. 23, s. 54, Sch. 14 para. 4

Content of claim U.K.

83O A claim to which this Part of this Schedule applies must specify the amount of the relief claimed, which must be an amount quantified at the time the claim is made.

Textual Amendments

F1 Sch. 18 Pt. 9C inserted (24.7.2002 with effect as mentioned in Sch. 14 para. 5 of the amending Act) by 2002 c. 23, s. 54, Sch. 14 para. 4

Amendment or withdrawal of claim U.K.

83P A claim to which this Part of this Schedule applies may be amended or withdrawn by the claimant company only by amending its company tax return.

Textual Amendments

F1 Sch. 18 Pt. 9C inserted (24.7.2002 with effect as mentioned in Sch. 14 para. 5 of the amending Act) by 2002 c. 23, s. 54, Sch. 14 para. 4

Time limit for claims U.K.

83Q (1) A claim to which this Part of this Schedule applies may be made, amended or withdrawn at any time up to the first anniversary of the filing date for the company tax return of the claimant company for the accounting period for which the claim is made.

(2) The claim may be made, amended or withdrawn at a later date if the Inland Revenue allow it.

Textual Amendments

F1 Sch. 18 Pt. 9C inserted (24.7.2002 with effect as mentioned in Sch. 14 para. 5 of the amending Act) by 2002 c. 23, s. 54, Sch. 14 para. 4

Penalty U.K.

83R (1) The company is liable to a penalty where it—

(a) fraudulently or negligently makes a claim to which this Part of this Schedule applies which is incorrect, or

(b) discovers that such a claim made by it (neither fraudulently nor negligently) is incorrect and does not remedy the error without unreasonable delay.

(2) The penalty is an amount not exceeding the excess credit claimed, that is, the difference between—

(a) the amount of the credit to which the company is entitled under Schedule 13 to the Finance Act 2002 for the accounting period to which the claim relates, and

(b) the amount of such credit claimed by the company for that period.]

Textual Amendments

F1 Sch. 18 Pt. 9C inserted (24.7.2002 with effect as mentioned in Sch. 14 para. 5 of the amending Act) by 2002 c. 23, s. 54, Sch. 14 para. 4