Finance (No. 2) Act 1997

Schedule 19AB to the Taxes Act 1988 U.K.

10 (1) Schedule 19AB to the Taxes Act 1988 (payments on account of tax credits and deducted tax) shall be amended as follows.

(2) In paragraph 1 (entitlement to certain payments on account) in sub-paragraph (1)—

(a) the words “the aggregate of” shall cease to have effect; and

(b) paragraph (b) (which confers entitlement to payments in respect of tax credits) shall cease to have effect.

(3) In sub-paragraph (7) of that paragraph, as that sub-paragraph has effect apart from the provisions of paragraph 1(6) of Schedule 34 to the M1 Finance Act 1996—

(a) the words “paid or” shall cease to have effect;

(b) paragraph (b) shall cease to have effect; and

(c) in the words following paragraph (b), the words “or in section 42(5A) of the Management Act” shall cease to have effect.

(4) Sub-paragraph (8) (which falls with the repeal of section 438(6)) shall cease to have effect.

(5) In sub-paragraph (10) (which defines “pension business repayments”)—

(a) the words “and payments of tax credits”, and

(b) the words “or in section 42(5A) of the Management Act”,

shall cease to have effect.

(6) Sub-paragraph (2) above has effect in relation to distributions made on or after 2nd July 1997.

(7) Sub-paragraphs (3) to (5) above have effect for accounting periods beginning on or after 2nd July 1997.

Marginal Citations

M1 1996 c. 8.

11 (1) Schedule 19AB to the Taxes Act 1988, as it has effect in relation to provisional repayment periods falling in accounting periods ending on or after the day appointed under section 199 of the M2 Finance Act 1994 for the purposes of Chapter III of Part IV of that Act, shall be amended as follows.

(2) In paragraph 1, in sub-paragraph (7)—

(a) the words “paid or” shall cease to have effect;

(b) paragraph (b) shall cease to have effect; and

(c) in the words following paragraph (b), the words “or section 42(4) of the Management Act” shall cease to have effect.

(3) In paragraph 3 (repayment with interest of excessive provisional repayments) in sub-paragraph (1A)—

(a) the words “paid or” shall cease to have effect;

(b) the words “or section 42(4) of the Management Act” shall cease to have effect; and

(c) paragraph (b) shall cease to have effect.

(4) In sub-paragraph (1B) of that paragraph—

(a) the words “payments or” shall cease to have effect; and

(b) paragraph (b) shall cease to have effect.

(5) In sub-paragraph (8) of that paragraph—

(a) the words “paid or” shall cease to have effect; and

(b) paragraph (b) shall cease to have effect.

Marginal Citations

M2 1994 c. 9.

12 (1) For the purposes of section 121 of the M3 Finance Act 1993 (repayments and payments to friendly societies), Schedule 19AB to the Taxes Act 1988 shall be deemed to have effect without the amendments made by this Schedule.

(2) In relation to distributions made on or after 6th April 1999, sub-paragraph (1) above shall not prevent Schedule 19AB to the Taxes Act 1988 having effect for the purposes of section 121 of the Finance Act 1993 with the amendments made by this Schedule.

Marginal Citations

M3 1993 c. 34.