SCHEDULES

SCHEDULE 19 Company tax returns, etc.: minor and consequential amendments

Income and Corporation Taxes Act 1988 (c.1)

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(1)

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

(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.”.