SCHEDULES
F2F2F1 Schedule 19AB
Sch. 19AB inserted (with effect in relation to accounting periods beginning on or after 2.10.1992) by Finance Act 1991 (c. 31, SIF 63:1), s. 49, Sch. 8; S.I. 1992/1746, art. 2
F3Entitlement to certain payments on account
Sch. 19AB inserted (25.7.1991 with effect as mentioned in s. 49(3) in relation to accounting periods beginning on or after 2.10.1992) by Finance Act 1991 (c. 31, SIF 63:1), s. 49, Sch. 8; S.I. 1992/1746, art.2
F4C11
1
An insurance company carrying on pension business shall for each provisional repayment period in an accounting period be entitled on a claim made in that behalf to a payment (in this Schedule referred to as a “provisional repayment”) of an amount equal F7, subject to paragraph 2 below, to the aggregate of—
a
the appropriate portion of any income tax borne by deduction on any payment received by the company in that provisional repayment period and referable to its pension business, and
b
the appropriate portion of any tax credit in respect of a distribution received by the company in that provisional repayment period and referable to its pension business,
or of such lesser amount as may be specified in the claim.
2
For the purposes of this paragraph, a “provisional repayment period” of a company—
a
shall begin whenever—
i
the company begins to carry on pension business;
ii
an accounting period of the company begins, at a time when the company is carrying on such business; or
iii
a provisional repayment period of the company ends, at a time when the company is carrying on such business; and
b
shall end on the first occurrence of either of the following—
i
the expiration of three months from the beginning of the provisional repayment period; or
ii
the end of an accounting period of the company.
F83
In the application of subsections (5) to (9) of section 432A for the purpose of determining the amounts to which a company is entitled by way of provisional repayments in the case of any accounting period of the company, the reference in subsection (5) to “the relevant fraction” shall be taken as a reference to the provisional fraction for that accounting period.
4
For the purposes of this paragraph—
a
the provisional fraction for an accounting period of a company is the fraction which would, on the basis of the company’s latest F19company tax return, be the relevant fraction for the purposes of section 432A(5) for the accounting period to which that return relates; but
b
if there is no F19company tax return on the basis of which that fraction can be ascertained, the provisional fraction shall be taken to be nil;
but this sub-paragraph is subject to paragraph 2 below.
5
In sub-paragraph (1) above “the appropriate portion” means—
a
in the case of an insurance company carrying on pension business and no other category of F23long-term business, the whole; and
b
in the case of an insurance company carrying on more than one category of F23long-term business—
i
F10ii
if and to the extent that the payment or distribution in question is income which is not referable to a category of business by virtue of subsection (3) or (4) of section 432A, the provisional fraction; and
iii
except as provided by sub-paragraph (i) or (ii) above, none.
F11F206
Paragraphs 57 to 60 of Schedule 18 to the Finance Act 1998 (general provisions as to procedure on claims and elections) do not apply to a claim for a provisional repayment.
6A
A claim for a provisional repayment shall be in such form as the Board may determine and the form of claim shall provide for a declaration to the effect that all the particulars given in the form are correctly stated to the best of the knowledge and belief of the person making the claim.
F127
A provisional repayment for a provisional repayment period shall be regarded as a payment on account of the amounts (if any) which the company would, apart from this Schedule, be entitled to be F15. . . repaid in respect of its pension business for the accounting period in which that provisional repayment period falls, in respect of—
a
income tax borne by deduction on payments received by the company in that accounting period and referable to its pension business, F16. . .
b
F17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
F13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F59
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F14F2210
In this paragraph—
“latest company tax return”, in the case of an accounting period of a company (“the current accounting period”), means, subject to sub-paragraph (11) below, the company tax return for the latest preceding accounting period of the company for which such a return has been delivered before the making of the first claim for a provisional repayment for the current accounting period; and
“self-assessment” means an assessment included in a company tax return, and includes a reference to such an assessment as amended.
11
In any case where—
a
there is a company tax return which would, apart from this sub-paragraph, be the latest such return in the case of an accounting period of a company,
b
the self-assessment required to be included in that return has been amended, and
c
that amendment was made before the making of the first claim for a provisional repayment for the accounting period mentioned in paragraph (a) above,
the return which is to be regarded as the latest company tax return in the case of that accounting period shall be that return as it stands amended immediately after the making of that amendment of the self-assessment (or, if the self-assessment has been so amended more than once, that return as it stands amended immediately after the making of the last such amendment) but ignoring amendments which do not give rise to any change in the fraction which, on the basis of the return as it has effect from time to time, would be the relevant fraction for the purposes of section 432A(5) for the accounting period to which the return relates.
Sch. 19AB repealed (with effect in accordance with s. 87(2)-(5) of the repealing Act) by Finance Act 2001 (c. 9), s. 87(1), Sch. 33 Pt. 2(12), Note (the provisions of Sch. 19AB not applying in relation to tax credits in respect of distributions made on or after 6th April 2004)