Finance (No. 2) Act 2017

Prospective

FA 2014 U.K.

43 U.K. FA 2014 is amended as follows.

[F1 43A U.K. In section 227(7A)(b) (withdrawal etc of accelerated payment notice), before “partnership return” insert “section 12AA”.]

Textual Amendments

F1 Sch. 14 para. 43A inserted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 6 para. 15(3)

44 U.K. In section 253(6)(c) (definition of “tax return”) after “section 12AA of” insert “ , or regulations under paragraph 10 of Schedule A1 to, ”.

45 (1) Schedule 31 (follower notices and partnerships) is amended as follows. U.K.

(2) In paragraph 2 (interpretation)—

(a) in sub-paragraph (3)—

(i) the words from “in pursuance” to the end become paragraph (a);

(ii) at the end of that paragraph insert “ (a “section 12AA partnership return”), or ”;

(iii) after that paragraph insert—

“(b) required by regulations under paragraph 10 of Schedule A1 to TMA 1970 (a “Schedule A1 partnership return”).”;

(b) in sub-paragraph (4) after “in relation to a” insert “ section 12AA ”;

(c) after sub-paragraph (4) insert—

“(4A) “The nominated partner”, in relation to a Schedule A1 partnership return, has the meaning given by paragraph 5 of Schedule A1 to TMA 1970.”

(3) In paragraph 3 (giving of follower notices in relation to partnership returns)—

(a) in sub-paragraph (1), after “in relation to a” insert “ section 12AA ”;

(b) after sub-paragraph (1) insert—

“(1A) For the purposes of section 204 a Schedule A1 partnership return, or an appeal in respect of the return, is to be regarded as made by the person who is for the time being the nominated partner (if that would not otherwise be the case).”;

(c) in sub-paragraph (2), at the end insert “ , or the nominated partner (as the case may be). ”;

(d) in sub-paragraph (4)—

(i) in paragraph (a), after “or a successor of that partner,” insert “ or as the nominated partner of a partnership, ”;

(ii) in paragraph (b) after “successors of that partner” insert “ or to a nominated partner ”.

(4) In paragraph 5 (calculation of penalty etc) in sub-paragraph (10)—

(a) the words from “the representative partner” to the end become paragraph (a);

(b) at the end of that paragraph insert “ (in relation to a section 12AA partnership return), or ”;

(c) after that paragraph insert—

“(b) the nominated partner (in relation to a Schedule A1 partnership return).”

46 (1) Schedule 32 (accelerated payments and partnerships) is amended as follows. U.K.

(2) In paragraph 1 (interpretation)—

(a) in sub-paragraph (2)—

(i) the words from “in pursuance” to the end become paragraph (a);

(ii) at the end of that paragraph insert “ (a “section 12AA partnership return”), or ”;

(iii) after that paragraph insert—

“(b) required by regulations under paragraph 10 of Schedule A1 to TMA 1970 (a “Schedule A1 partnership return”).”;

(b) in sub-paragraph (3) after “in relation to a” insert “ section 12AA ”;

(c) after sub-paragraph (3) insert—

“(3A) “The nominated partner”, in relation to a Schedule A1 partnership return, has the meaning given by paragraph 5 of Schedule A1 to TMA 1970.”

(3) In paragraph 2(2) (restriction on circumstances when accelerated payment notices can be given) after “a successor of that partner” insert “ (in relation to a section 12AA partnership return), or to the nominated partner of the partnership (in relation to a Schedule A1 partnership return) ”.

(4) In paragraph 3(5)(a) (circumstances in which partner payment notices can be given) after “or a successor of that partner” insert “ (in relation to a section 12AA partnership return), or the nominated partner (in relation to a Schedule A1 partnership return) ”.

[F2 (5) In paragraph 8(2)(aa) (withdrawal etc of partner payment notices), before “partnership return”, in both places, insert “section 12AA”.]

Textual Amendments

F2 Sch. 14 para. 46(5) inserted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 6 para. 15(4)