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Finance Act 1998

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Part IU.K. Introduction

Modifications etc. (not altering text)

C1Sch. 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.

1U.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—

  • [F1section 269DA of the Corporation Tax Act 2010 (surcharge on banking companies),]

  • [F2section 455 of [F3that Act]] (tax on loan or advance made by close company to a participator),

  • [F4section 464A of that Act (tax on other benefit conferred on participator),]

  • [F5[F6section 330(1)] of that Act (supplementary charge in respect of ring fence trades), F7...]

  • [F8step 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

F1Words 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)

F2Words 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)

F3Words 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)

F4Words in Sch. 18 para. 1 inserted (retrospective to 20.3.2013) by Finance Act 2013 (c. 29), Sch. 30 para. 13(2)(5)

F5Words in Sch. 18 para. 1 substituted (24.7.2002) by 2002 c. 23, s. 92(3)

F6Words 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)

F7Word 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)

F8Words 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))

F9Words in Sch. 18 para. 1 inserted (19.7.2011) by Finance Act 2011 (c. 11), Sch. 19 para. 61

F10Word 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)

F11Words 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)

Modifications etc. (not altering text)

Duty to give notice of chargeabilityU.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 [F14an 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)[F18A 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

F15Sch. 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)

F16Word in Sch. 18 para. 2(1A) omitted (6.4.2020) by virtue of Finance Act 2020 (c. 14), Sch. 6 para. 6(a)

F17Sch. 18 para. 2(1A)(c) and word inserted (6.4.2020) by Finance Act 2020 (c. 14), Sch. 6 para. 6(b)

F18Words 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)

F19Sch. 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)

F20Sch. 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)

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