Finance Act, 1992
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Late submission of returns: restriction of certain claims to relief. |
55.—(1) Notwithstanding any other provision of the Tax Acts, where, in relation to a chargeable period, a company fails to deliver a return of income for the chargeable period on or before the specified return date for the chargeable period the following provisions shall apply and have effect, that is to say: | |
(a) any claim in respect of the chargeable period under section 14 (6), 16 (2) or 19 (2) of the Corporation Tax Act, 1976 , shall be restricted so that the amount by which the company's profits of that or any other chargeable period fall to be reduced by virtue of the claim is 50 per cent. of the amount it would have been if this section had not been enacted, | ||
(b) the total amount of group relief which the company may claim in respect of the chargeable period shall not exceed 50 per cent. of the company's profits of the chargeable period as reduced by any other relief from tax other than group relief, | ||
(c) the total amount of the loss referred to in subsection (1) of section 116 of the Corporation Tax Act, 1976 , for the chargeable period and the total amount of the excess referred to in subsection (2), (3) or (6) of the said section 116 for that period shall each be treated for the purposes of Part XI of the said Act as reduced by 50 per cent., | ||
(d) any claim in respect of the chargeable period under section 39 (2) of the Finance Act, 1983 , shall be restricted so that the amount of advance corporation tax which is treated as if it were advance corporation tax paid in respect of distributions made by the company in any preceding chargeable period is 50 per cent. of the amount which would have been so treated if this section had not been enacted, and | ||
(e) the company may not surrender under section 45 (1) of the Finance Act, 1983 , more than 50 per cent. of the excess of the total amount of advance corporation tax it has paid (and which has not been repaid) in respect of a dividend or dividends paid by it in the chargeable period over the amount of such advance corporation tax which, under section 39 (1) of the said Act, is set against its liability to corporation tax for the chargeable period. | ||
(2) (a) In this section— | ||
“chargeable period” means an accounting period of a company; | ||
“group relief” has the meaning assigned to it by section 107 of the Corporation Tax Act, 1976 ; | ||
“return of income” means a return which a company is required to deliver under the provisions of section 10 of the Finance Act, 1988 ; | ||
“specified return date for the chargeable period” has the meaning assigned to it by section 9 of the Finance Act, 1988 . | ||
(b) Subparagraphs (i) and (ii), and subparagraph (iii) (as amended by section 25 of the Finance Act, 1990 ), of paragraph (b) of subsection (1) of section 48 of the Finance Act, 1986 , shall apply for the purposes of this section as they apply for the purposes of that section. | ||
(3) This section shall apply and have effect as respects chargeable periods ending on or after the 1st day of April, 1992. |