SCHEDULES

SCHEDULE 5Non-UK resident companies carrying on UK property businesses etc

PART 2Supplementary & Consequential amendments

FA 1998

6

(1)

Paragraph 2 of Schedule 18 to FA 1998 (duty to give notice of chargeability) is amended as follows.

(2)

After sub-paragraph (1) insert—

“(1A)

But a company is not required to give notice under sub-paragraph (1) in respect of an accounting period if for the period —

(a)

all the income on which it is chargeable to tax consists of payments on which it bears income tax by deduction, and

(b)

the company has no chargeable gains.”

(3)

In sub-paragraph (2) for “The notice” substitute “ A notice required to be given under this paragraph ”.