PART 2Residential property developer tax

Application of corporation tax provisions, management etc

45Application of corporation tax provisions and management of RPDT

1

The provisions of section 33(1) relating to the charging of a sum as if it were an amount of corporation tax is to be taken as applying all enactments applying generally to corporation tax.

2

But this is subject to—

a

the provisions of the Corporation Tax Acts,

b

any necessary modifications, and

c

subsection (5).

3

The enactments mentioned in subsection (1) include—

a

those relating to returns of information and the supply of accounts, statements and reports,

b

those relating to the assessing, collecting and receiving of corporation tax,

c

those conferring or regulating a right of appeal, and

d

those concerning administration, penalties, interest on unpaid tax and priority of tax in cases of insolvency under the law of any part of the United Kingdom.

4

Accordingly, TMA 1970 is to have effect as if any reference to corporation tax included a sum chargeable under section 33(1) as if it were an amount of corporation tax (but this does not limit subsections (1) to (3)).

5

In the Corporation Tax (Treatment of Unrelieved Surplus Advance Corporation Tax) Regulations 1999 (SI 1999/358) or any further regulations made under section 32 of FA 1998 (unrelieved surplus advance corporation tax)—

a

references to corporation tax do not include a sum chargeable on a company under section 33(1) as if it were corporation tax, and

b

references to profits charged to corporation tax do not include RPD profits.

6

Schedule 8 makes further provision about the management of RPDT.