The Gilt-edged Securities (Periodic Accounting for Tax on Interest) Regulations 1995

Assessments and due date of tax

18.—(1) All the provisions of the Income Tax Acts as to the time within which an assessment may be made, so far as they refer or relate to the year of assessment for which an assessment is made, or the year to which an assessment relates, shall apply in relation to any assessment under these Regulations notwithstanding that, under these Regulations, the assessment may be said to relate to a quarter or other period which is not a year of assessment, and the provisions of section 36 of the Taxes Management Act 1970(1) as to the circumstances in which an assessment may be made out of time shall apply accordingly on the footing that any such assessment relates to the year of assessment in which the quarter or other period ends.

(2) Income tax assessed on a company under these Regulations shall be due within 14 days after the issue of the notice of assessment (unless due earlier under regulation 16(1)).

(3) Paragraph (2) above has effect subject to any appeal against the assessment, but no such appeal shall affect the date when tax is due under regulation 16(1).

(4) On the determination of an appeal against an assessment under these Regulations any tax overpaid shall be repaid.

(5) Any tax assessable under any one or more of the provisions of these Regulations may be included in one assessment if the tax so included is all due on the same date.

(1)

1970 c. 9; section 36 was substituted by section 149(1) of the Finance Act 1989 (c. 26) and amended by paragraph 4(1) of Schedule 11 to the Finance Act 1990 (c. 29) and paragraph 9(2) of Schedule 5 to the Finance (No. 2) Act 1992.