Finance Act 1998

Part I U.K. Introduction

Modifications etc. (not altering text)

C1 Sch. 18 applied (with modifications) (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 303(7)(8) (with s. 303(6))

Meaning of “tax" U.K.

1 U.K. In this Schedule “tax” means corporation tax including, except as otherwise indicated, any amount assessable or chargeable as if it was corporation tax.

Amounts are assessable or chargeable as if they were corporation tax under—

• [F1 section 269DA of the Corporation Tax Act 2010 (surcharge on banking companies),]

• [F2 section 455 of [F3 that Act]] (tax on loan or advance made by close company to a participator),

• [F4 section 464A of that Act (tax on other benefit conferred on participator),]

• [F5 [F6 section 330(1)] of that Act (supplementary charge in respect of ring fence trades), F7 ...]

• [F8 step 5 in section 371BC(1) of the Taxation (International and Other Provisions) Act 2010 (controlled foreign companies)][F9 , F10 ...

• paragraphs 50 and 51 of Schedule 19 to the Finance Act 2011 (the bank levy)][F11 , F12 ...

• section 33 of the Finance Act 2022 (residential property developer tax)] [F13 , and

• section 1 of the Energy (Oil and Gas) Profits Levy Act 2022.]

Textual Amendments

F1 Words in Sch. 18 para. 1 inserted (with effect in accordance with Sch. 3 Pt. 3 of the amending Act) by Finance (No. 2) Act 2015 (c. 33), Sch. 3 para. 3(2)(a)

F2 Words in Sch. 18 para. 1 substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 297(2)(a) (with Sch. 2)

F3 Words in Sch. 18 para. 1 substituted (with effect in accordance with Sch. 3 Pt. 3 of the amending Act) by Finance (No. 2) Act 2015 (c. 33), Sch. 3 para. 3(2)(b)

F4 Words in Sch. 18 para. 1 inserted (retrospective to 20.3.2013) by Finance Act 2013 (c. 29), Sch. 30 para. 13(2)(5)

F5 Words in Sch. 18 para. 1 substituted (24.7.2002) by 2002 c. 23, s. 92(3)

F6 Words in Sch. 18 para. 1 substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 297(2)(b) (with Sch. 2)

F7 Word in Sch. 18 para. 1 omitted (in relation to accounting periods beginning on or after 1.4.2022) by virtue of Finance Act 2022 (c. 3), s. 51(1), Sch. 8 para. 2(2)(a)

F8 Words in Sch. 18 para. 1 substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 20 para. 17(2) (with Sch. 20 para. 50(9))

F9 Words in Sch. 18 para. 1 inserted (19.7.2011) by Finance Act 2011 (c. 11), Sch. 19 para. 61

F10 Word in Sch. 18 para. 1 omitted (in relation to accounting periods beginning on or after 1.4.2022) by virtue of Finance Act 2022 (c. 3), s. 51(1), Sch. 8 para. 2(2)(b)

F11 Words in Sch. 18 para. 1 inserted (in relation to accounting periods beginning on or after 1.4.2022) by Finance Act 2022 (c. 3), s. 51(1), Sch. 8 para. 2(2)(c)

F12 Word in Sch. 18 para. 1 omitted (14.7.2022) by virtue of Energy (Oil and Gas) Profits Levy Act 2022 (c. 40), Sch. 2 para. 2(2)(a) (with ss. 15(1), 16(1))

F13 Words in Sch. 18 para. 1 inserted (14.7.2022) by Energy (Oil and Gas) Profits Levy Act 2022 (c. 40), Sch. 2 para. 2(2)(b) (with ss. 15(1), 16(1))

Modifications etc. (not altering text)

C2 Sch. 18 para. 1 modified (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 302(4)(b)

Duty to give notice of chargeability U.K.

2 (1) A company which— U.K.

(a) is chargeable to tax for an accounting period, and

(b) has not received a notice requiring a company tax return,

must give notice to [F14 an officer of Revenue and Customs] that it is so chargeable.

[F15 (1A) But a company is not required to give notice under sub-paragraph (1) in respect of an accounting period if for the period—

(a) all the income on which it is chargeable to tax consists of payments on which it bears income tax by deduction, F16 ...

(b) the company has no chargeable gains [F17 , and

(c) having deducted the income tax mentioned in paragraph (a) at the fourth step in paragraph 8 (calculation of tax payable), the amount of tax payable for the period is nil].]

(2) [F18 A notice required to be given under this paragraph] must be given within twelve months from the end of the accounting period.

F19 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F20 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F14 Words in Sch. 18 substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 68(a); S.I. 2005/1126, art. 2(2)(h)

F15 Sch. 18 para. 2(1A) inserted (6.4.2020) by Finance Act 2019 (c. 1), Sch. 5 paras. 6(2), 35 (with Sch. 5 para. 36)

F16 Word in Sch. 18 para. 2(1A) omitted (6.4.2020) by virtue of Finance Act 2020 (c. 14), Sch. 6 para. 6(a)

F17 Sch. 18 para. 2(1A)(c) and word inserted (6.4.2020) by Finance Act 2020 (c. 14), Sch. 6 para. 6(b)

F18 Words in Sch. 18 para. 2(2) substituted (6.4.2020) by Finance Act 2019 (c. 1), Sch. 5 paras. 6(3), 35 (with Sch. 5 para. 36)

F19 Sch. 18 para. 2(3) omitted (with effect in accordance with art. 3 of the commencing S.I.) by virtue of Finance Act 2008 (c. 9), s. 123(2), Sch. 41 para. 25(j); S.I. 2009/511, art. 2 (with art. 4)

F20 Sch. 18 para. 2(4) omitted (with effect in accordance with art. 3 of the commencing S.I.) by virtue of Finance Act 2008 (c. 9), s. 123(2), Sch. 41 para. 25(j); S.I. 2009/511, art. 2 (with art. 4)