Finance Act, 1990

Amendment of section 50 (returns and collection of advance corporation tax) of Finance Act, 1983 .

55.Section 50 of the Finance Act, 1983 , is hereby amended, as respects accounting periods ending on or after the 1st day of April, 1990—

(a) by the substitution, in subsection (2), of “inspector” for “Collector-General”,

(b) by the substitution, in subsection (3), of “nine months” for “six months”, and

(c) in subsection (6)—

(i) by the substitution of “within six months from the end of the accounting period for which the return is required to be made under subsection (3)” for “at the time by which the return is to be made”, and

(ii) by the deletion of “if that tax, or any part of it, is not paid on or before the due date”,

and the said subsections (2), (3) and (6), as so amended, are set out in the Table to this section.

TABLE

(2) A company shall, for each of its accounting periods make, in accordance with this section, a return to the inspector of the distributions made and distributions received by it in that period and of the advance corporation tax (if any) payable by it in respect of the distributions made by it.

(3) A return for any period for which a return is required to be made under this section shall be made within nine months from the end of that period.

(6) Advance corporation tax in respect of any distribution required to be included in a return under this section shall be due within six months from the end of the accounting period for which the return is required to be made under subsection (3) and shall be paid to the Collector-General, and advance corporation tax so due shall be payable by the company without the making of any assessment; but advance corporation tax which has become due as aforesaid may be assessed on the company (whether or not it has been paid when the assessment is made).