Finance Act 2013

Finance Act 1998

13 (1) Schedule 18 to FA 1998 (company tax returns, assessments and related matters) is amended as follows.

(2) In paragraph 1 (meaning of “tax”), after the entry relating to section 455 of CTA 2010 insert—

• “section 464A of that Act (tax on other benefit conferred on participator),”.

(3) In paragraph 8(1) (calculation of tax payable), in paragraph 1 of the third step—

(a) after “455” insert “or 464A”, and

(b) for “or advance made by close company” substitute “, advance or benefit”.

(4) In paragraph 18 (failure to deliver return: tax-related penalty), for sub-paragraph (4) substitute—

“(4) In determining that amount no account is to be taken of—

(a) any relief under section 458 of the Corporation Tax Act 2010 (relief in respect of repayment, etc of loan) which is deferred under subsection (5) of that section, or

(b) any relief under section 464B of that Act (relief in respect of return payment) which is deferred under subsection (5) of that section.”

(5) The amendments made by this paragraph are treated as having come into force on 20 March 2013.