SCHEDULES
C1C2C3C4C5C6C7C8 SCHEDULE 18 Company tax returns, assessments and related matters
Sch. 18 modified (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 68(c); S.I. 2005/1126, art. 2(2)(h)
Sch. 18 applied (20.7.2005) by Finance (No. 2) Act 2005 (c. 22), s. 61
Sch. 18 applied (with modifications) (6.4.2006) by The Registered Pension Schemes (Accounting and Assessment) Regulations 2005 (S.I. 2005/3454), regs. 1, 13
Sch. 18 excluded (17.7.2013) by Finance Act 2013 (c. 29), s. 210(6)(b)
Sch. 18: power to amend conferred (12.2.2019) by Finance Act 2019 (c. 1), s. 87(5)(a)(6)
Sch. 18 applied (with modifications) (22.7.2020) by Finance Act 2020 (c. 14), Sch. 16 para. 11(4) (with Sch. 16 para. 11(5))
Sch. 18 applied (with modifications) (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 303(7)(8) (with s. 303(6))
Part X Special provisions
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Sch. 18 para. 84 and cross-heading repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 454(12), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
F484
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Non-annual accounting of general insurance business
85
1
This paragraph applies where a company carrying on insurance business delivers a company tax return based wholly or partly on accounts drawn up using the method described in F5paragraph 58 in Section E of Part 2 of Schedule 3 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.
That paragraph provides for a technical provision to be made in the accounts which is later replaced by a provision for estimated claims outstanding.
2
Where this paragraph applies—
a
the company may make any amendments of its return arising from the replacement of the technical provision at any time within twelve months from the date on which the provision was replaced, and
b
F2an officer of Revenue and Customs may give notice of enquiry into the return at any time up to two years from that date.
3
Nothing in this paragraph prevents notice of enquiry being given at any later time in accordance with the general rule in paragraph 24(3).
Insurance companies with non-annual actuarial investigations
F386
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Friendly societies with non-annual actuarial investigations
87
1
2
Where this paragraph applies—
a
the society may make any amendments of its return arising from the relevant investigation at any time within 15 months from the date as at which that investigation is carried out, and
b
F2an officer of Revenue and Customs may give notice of enquiry into the return at any time up to 27 months from that date.
3
“The relevant investigation” means—
a
b
if the return is not for such a period, the first such investigation to be made into the financial condition of the company as at the end of a subsequent period.
F84
In this paragraph, “IPRU (FSOC)” means the Interim Prudential Sourcebook for Friendly Societies made by the Prudential Regulation Authority under the Financial Services and Markets Act 2000.
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)