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Taxes Management Act 1970

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Corporation tax

10Notice of liability to corporation tax

(1)Every company which is chargeable to corporation tax for any accounting period and which has not made a return of its profits for that accounting period shall not later than one year after the end of that accounting period give notice to the inspector that it is so chargeable.

(2)If a company fails to give a notice which it is required to give under this section the company shall be liable to a penalty not exceeding £100.

11Return of profits

(1)A company may be required by a notice served on the company by an inspector or other officer of the Board to deliver to the officer within the time limited by the notice a return of the profits of the company computed in accordance with the Corporation Tax Acts—

(a)specifying the income taken into account in computing those profits, with the amount from each source,

(b)giving particulars of all disposals giving rise to chargeable gains or allowable losses under the provisions of Part III of the Finance Act 1965 and the Corporation Tax Acts and particulars of those chargeable gains or allowable losses, and

(c)giving particulars of all charges on income to be deducted against those profits for the purpose of assessment to corporation tax.

(2)A notice under this section may require a return of profits arising in any period during which the company was within the charge to corporation tax.

(3)Every return under this section shall include a declaration to the effect that the return is correct and complete.

(4)A return under this section which includes profits which are payments on which the company has borne income tax by deduction shall specify the amount of income tax so borne.

(5)A notice under this section may require the inclusion in the return of particulars of management expenses, capital allowances and balancing charges which have been taken into account in arriving at the profits included in the return.

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