Corporation Tax Act 2010

[F1 464B Relief in case of return payment to company U.K.

(1) Subsection (2) applies if a benefit has been conferred which gave rise to a charge to tax on the company under section 464A.

(2) Relief is to be given from that tax, or a proportionate part of it, if—

(a) a payment (“the return payment”) is made to the company in respect of the benefit, and

(b) no consideration is given for the return payment.

(3) Relief under this section is to be given on a claim, which must be made within 4 years from the end of the financial year in which the return payment is made to the company.

(4) Subsection (5) applies if the return payment is made on or after the day on which tax under section 464A becomes due and payable in relation to the benefit.

(5) Relief in respect of the return payment may not be given under this section at any time before the end of the period of 9 months from the end of the accounting period in which the return payment was made.

(6) Schedule 1A to TMA 1970 (claims and elections not included in return) applies to a claim for relief under this section unless—

(a) the claim is included (by amendment or otherwise) in the return for the period in which the benefit was conferred, and

(b) the relief may be given at the time the claim is made.]

Textual Amendments

F1 Pt. 10 Ch. 3A inserted (with retrospective effect in accordance with Sch. 30 para. 5(2) of the amending Act) by Finance Act 2013 (c. 29), Sch. 30 para. 5(1)