Finance Act 1998

Income and Corporation Taxes Act 1988 (c.1) U.K.

44 (1) Section 246Q of the Taxes Act 1988 (repayment or set-off of ACT in respect of foreign income dividend) is amended as follows. U.K.

(2) In subsection (6) for the words from the beginning to “section 11 of the Management Act" substitute “ A company tax return made by the company for the relevant period ”.

(3) In subsection (7) for “a return under section 11 of the Management Act" substitute “ a company tax return ”.

45 (1) Section 246U of the Taxes Act 1988 (repayments treated as repayments of ACT in case of international headquarters company) is amended as follows. U.K.

(2) In subsection (7), for paragraph (a) substitute—

“(a) a company tax return made by the company for the accounting period, or”.

(3) In subsection (8) for “a return under section 11 of the Management Act" substitute “ a company tax return ”.

46 U.K. For section 412 of the Taxes Act 1988 (group relief: claims and adjustments) substitute—

“412 Claims and adjustments.

(1) Claims for group relief are dealt with in Part VIII of Schedule 18 to the Finance Act 1998.

(2) Paragraph 76 of that Schedule provides for assessments or other adjustments where group relief has been given which is or has become excessive.”.

47 (1) Section 419 of the Taxes Act 1988 (tax on loans to participators, etc. by close company) is amended as follows. U.K.

(2) In subsection (3), after “due and payable" insert “ in accordance with section 59D of the Management Act ”.

(3) In subsection (4) omit “by discharge or repayment".

(4) After subsection (4A) insert—

“(4B) Schedule 1A to the Taxes Management Act 1970 (claims and elections not included in return) applies to a claim for relief under subsection (4) above unless—

(a) the claim is included (by amendment or otherwise) in the return for the period in which the loan or advance was made, and

(b) the relief may be given at the time the claim is made.”.

48 (1) Section 488 of the Taxes Act 1988 (co-operative housing associations) is amended as follows. U.K.

(2) In subsection (11A)—

(a) in paragraph (a) for the words from the beginning to “amendment of a return" substitute “ into a company tax return ”, and

(b) in the closing words, for “self-assessment" substitute “ return ”.

(3) For subsection (12) substitute—

“(12) A housing association making a claim under this section may be required—

(a) under paragraph 3 of Schedule 18 to the Finance Act 1998, if the claim is included in a company tax return, and

(b) under paragraph 2(5) of Schedule 1A to the Taxes Management Act 1970 if it is not so included,

to deliver as part of the return or claim an authority, granted by all members of the association, for any relevant information contained in any return made by a member under the provisions of the Income Tax Acts to be used by an officer of the Board in such manner as he may think fit in connection with any enquiry relating to the association’s claim.”.

49 U.K. In section 489 of the Taxes Act 1988 (self-build societies), in subsection (9A)—

(a) in paragraph (a) for the words from the beginning to “amendment of a return" substitute “ into a company tax return ”, and

(b) in the closing words, for “self-assessment" substitute “ return ”.

50 (1) Schedule 13A to the Taxes Act 1988 (surrenders of advance corporation tax) is amended as follows. U.K.

(2) In paragraph 5(1) for “a return under section 11 of the Management Act" substitute “ a company tax return ”.

(3) For paragraph 5(2) substitute—

“(2) The provisions of Part VII of Schedule 18 to the Finance Act 1998 (general provisions as to claims and elections) do not apply to the making of claims.”.

(4) In paragraph 14(1) omit the words from “(which correspond" to “Management Act)".

(5) In paragraph 14(6) for “an amendment of a self-assessment under section 28A(4) of that Act" substitute “ an amendment of a company tax return under paragraph 34(2) of Schedule 18 to the Finance Act 1998 ”.

(6) In paragraph 14(8) omit the words from “against an amendment" to the end.

F1 51 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 Sch. 19 para. 51 repealed (11.5.2001 with effect in accordance with Sch. 33 Pt. 2(12) of the amending Act) by 2001 c. 9, s. 110, Sch. 33 Pt. 2(12) Note