306Application of Part 5A of TMA 1970 and Instalment Payments RegulationsU.K.
(1)Section 59E of TMA 1970 (further provision as to when corporation tax is due and payable) has effect as if, in subsection (11) after paragraph (f) there were inserted—
“(g)to any sum chargeable on a company under section 279 of the Finance (No. 2) Act 2023 (electricity generator levy) as if it were an amount of corporation tax chargeable on the company.”
(2)Section 59F of that Act (arrangements for paying corporation tax on behalf of group members) has effect as if, in subsection (6)—
(a)the “and” at the end of paragraph (d) were omitted,
(b)after paragraph (e) there were inserted “, and
(f)to any sum chargeable on a company under section 279 of the Finance (No. 2) Act 2023 (electricity generator levy) as if it were an amount of corporation tax chargeable on the company.”
(3)The Instalment Payment Regulations have effect as if—
(a)in paragraph (2), after “company” there were inserted “, other than a company that is, or is a member of a group that is, a generating undertaking (within the meaning of Part 5 of the Finance (No. 2) Act 2023),”, and
(b)after that paragraph there were inserted—
“(2ZA)References in these Regulations to profits, in any accounting period, of a company that is, or is a member of a group that is, a generating undertaking (within the meaning of that Part), are to the greater of—
(a)the company's augmented profits within the meaning given by—
(i)in the case of an accounting period beginning before 1 April 2023, section 279G of CTA 2010, or
(ii)in the case of an accounting period beginning on or after that date, sections 18L and 18M of that Act,
(b)where the company is a generating undertaking, its exceptional generation receipts (within the meaning of that Part, and
(c)where the company is a member of a group that is a generating undertaking, the exceptional generation receipts of the undertaking.”
(4)If—
(a)electricity generator levy is chargeable on company, and
(b)under the Instalment Payment Regulations one or more instalment payments in respect of the total liability of the company for an accounting period beginning before the day on which this Act is passed are treated as becoming due and payable before the day on which this Act is passed 2023 (“pre-commencement instalments”),
any amount of electricity generator levy chargeable for that period is to be ignored for the purposes of determining the amount of any pre-commencement instalment.
(5)The first instalment in respect of that liability which is treated as becoming due and payable on or after the day on which this Act is passed is to be increased by the following amount, namely the difference between—
(a)the aggregate amount of the pre-commencement instalments determined in accordance with subsection (4), and
(b)the aggregate amount of those instalments determined ignoring that subsection.
(6)In the Instalment Payment Regulations—
(a)in regulations 6(1)(a), 7(2), 8(1)(a) and (2)(a), 9(5), 10(1), 11(1) and 13, references to those Regulations are to be read as including a reference to subsections (4) and (5) (and in regulation 7(2) “the regulation in question”, and in regulation 8(2) “that regulation”, are to be read accordingly), and
(b)in regulation 9(3), the reference to those Regulations is to be read as including a reference to those subsections.
(7)In this section “the Instalment Payment Regulations” means the Corporation Tax (Instalment Payments) Regulations 1998 (S.I. 1998/3175).