Part 3Income tax, corporation tax and capital gains tax

Chapter 2Corporation tax: general

Miscellaneous

55Duty of company to give notice of coming within charge to corporation tax

1

A company must give notice to the Board—

a

of the beginning of its first accounting period, and

b

of the beginning of any subsequent accounting period that does not immediately follow the end of a previous accounting period.

2

The notice required by this section—

a

must be in writing;

b

must state when the accounting period began;

c

must contain such other information as may be prescribed;

d

may be given to any officer of the Board; and

e

must be given not later than three months after the beginning of the accounting period.

3

“Prescribed” in subsection (2)(c) means prescribed by regulations made by the Board.

4

A company that has a reasonable excuse for failing to give notice as required by this section—

a

is not to be regarded as having failed to comply with this section until the excuse ceases, and

b

after the excuse ceases is not to be regarded as having failed to comply with this section if the required notice is given without unreasonable delay after the excuse ceases.

5

In this section—

a

“accounting period” means an accounting period for the purposes of corporation tax;

b

“company” means a body corporate and does not include an unincorporated association or a partnership; and

c

“the Board” means the Commissioners of Inland Revenue.

6

In the second column of the Table in section 98 of the Taxes Management Act 1970 (c. 9) (penalty for failure to provide information), at the appropriate place insert— “ section 55 of the Finance Act 2004 ”.

7

This section applies in relation to accounting periods beginning on or after the day on which this Act is passed.