Finance Act 2012 (c. 14)

SCHEDULES

SCHEDULE 20 U.K. Controlled foreign companies and foreign permanent establishments

PART 3 U.K. Other amendments

TMA 1970 U.K.

10 U.K. TMA 1970 is amended as follows.

11 U.K. In section 55 (recovery of tax not postponed) in subsection (1) omit paragraph (d).

12 U.K. In section 59E (provision about when corporation tax due and payable) in subsection (11) for paragraph (b) substitute—

“(b) to any sum charged on a company at step 5 in section 371BC(1) of TIOPA 2010 (controlled foreign companies) as if it were an amount of corporation tax;”.

13 U.K. In section 59F (arrangements for paying tax on behalf of group members) in subsection (6) for paragraph (b) and the “and” after it substitute—

“(b) a sum charged on a company at step 5 in section 371BC(1) of TIOPA 2010 (controlled foreign companies) as if it were an amount of corporation tax, and”.