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Taxes Management Act 1970

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109Tax at the standard rate on close companies

(1)In this section "the tax" means tax assessable under section 286, 288 or 289 of the principal Act (charges in connection with loans and covenants and charges in respect of shortfall).

(2)The provisions of the said sections directing that the tax be assessed and recoverable as if it were an amount of income tax shall be taken as applying, subject to the provisions of the Taxes Acts, and to any necessary modifications, all enactments applying generally to income tax, including those relating to the assessing, collecting and receiving of income tax, those conferring or regulating a right of appeal and those concerning administration, penalties, interest on unpaid tax and priority of tax in cases of insolvency under the law of any part of the United Kingdom.

(3)Section 33 and section 55 of this Act shall apply to any assessment of the tax as if it were an assessment under Schedule D.

(4)Section 86 of this Act shall apply in relation to the tax as it applies to income tax charged by an assessment under Schedule D, except that subsection (2) and paragraph (a) of subsection (3) of the said section 86 shall not apply.

(5)For the purposes of section 88 of this Act as applied by subsection (2) above, the date when the tax charged ought to have been paid shall be taken to be—

(a)for tax under sections 286 and 288 of the principal Act, the first day of the year of assessment following that in which the loan or advance (for tax under section 286) or the payment or consideration (for tax under section 288) was made or given, and

(b)for tax under section 289, the first day after the period of twelve months from the end of the accounting period for which there is a shortfall.

(6)Section 91 of this Act shall not apply in consequence of any repayment of tax under section 286(5) of the principal Act.

(7)For the purposes of the said section 91, a relief from the tax under section 286, 288 or 289 of the principal Act shall not be treated as affecting tax charged by any assessment unless the assessment is to tax under the same section.

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