Taxes Management Act 1970

[F1 13 (1) This paragraph applies if, under an exit charge payment plan, some or all of the ECPP tax is to be paid in accordance with the standard instalment method. U.K.

(2) The amount of the ECPP tax that is to be paid in accordance with the standard instalment method is payable in 6 instalments of equal amounts as follows—

(a) the first instalment is due on the first day after the period of 9 months beginning immediately after the migration accounting period, and

(b) the other 5 instalments are due one on each of the first 5 anniversaries of that day.

(3) But if a relevant event occurs, the outstanding balance of the ECPP tax that is payable in accordance with the standard instalment method is payable on the date on which the next instalment of that tax would otherwise have been due under the plan.

(4) A “relevant event” means—

(a) the company becoming insolvent or entering into administration,

(b) the appointment of a liquidator,

(c) any event under the law of an EEA state outside the United Kingdom corresponding to an event specified in paragraph (a) or (b), or

(d) the company ceasing to be resident in an EEA state and, on so ceasing, not becoming resident in any other EEA state.]

Textual Amendments

F1 Sch. 3ZB inserted (with effect in accordance with Sch. 49 para. 8 of the amending Act) by Finance Act 2013 (c. 29), Sch. 49 para. 6