Search Legislation

Finance Act 2015

Status:

This is the original version (as it was originally enacted).

Amendments of Part 4 of FA 2014

This section has no associated Explanatory Notes

10(1)Schedule 32 (accelerated payments and partnerships) is amended as follows.

(2)In paragraph 4 (content of partner payment notice)—

(a)in sub-paragraph (1), in paragraph (b), after “the payment” insert “(if any)”,

(b)in that sub-paragraph omit the “and” at the end of paragraph (b) and after paragraph (c) insert , and

(d)if the denied advantage consists of or includes an asserted surrenderable amount, specify that amount and any action which is required to be taken in respect of it under paragraph 6A.,

(c)after sub-paragraph (4) insert—

(4A)Asserted surrenderable amount” means so much of a surrenderable loss which the relevant partner asserts to have as a designated HMRC officer determines, to the best of that officer’s information and belief, to be an amount—

(a)which would not be a surrenderable loss of that partner if the position were as stated in paragraphs (a), (b) or (c) of sub-paragraph (3), and

(b)which is not the subject of a claim by the relevant partner to relief from corporation tax which is reflected in the amount of the understated partner tax of that partner (and hence in the payment required to be made under paragraph 6).

(4B)“Surrenderable loss” means a loss or other amount within section 99(1) of CTA 2010 (or part of such a loss or other amount)., and

(d)in sub-paragraph (5), for “the payment specified under sub-paragraph (1)(b)” substitute “any payment specified under sub-paragraph (1)(b) or amount specified under sub-paragraph (1)(d)”.

(3)In paragraph 5 (representations about a partner payment notice)—

(a)in sub-paragraph (2) omit the “or” at the end of paragraph (a), and after paragraph (b) insert , or

(c)objecting to the amount specified in the notice under paragraph 4(1)(d).,

(b)in sub-paragraph (4), omit the “and” at the end of paragraph (a),

(c)in paragraph (b) of that sub-paragraph, after “different amount” insert “(or no amount)”,

(d)in that paragraph, omit the “or” at the end of sub-paragraph (i) and after sub-paragraph (ii) insert , or

(iii)remove from the notice the provision made under paragraph 4(1)(b),, and

(e)after that paragraph insert , and

(c)if representations were made under sub-paragraph (2)(c) (and the notice is not withdrawn under paragraph (a)), determine whether a different amount (or no amount) ought to have been specified under paragraph 4(1)(d), and then—

(i)confirm the amount specified in the notice,

(ii)amend the notice to specify a different amount, or

(iii)remove from the notice the provision made under paragraph 4(1)(d),.

(4)In paragraph 6 (effect of partner payment notice)—

(a)for sub-paragraph (1) substitute—

(1)This paragraph applies where—

(a)a partner payment notice has been given to a relevant partner (and not withdrawn), and

(b)an amount is stated in the notice in accordance with paragraph 4(1)(b)., and

(b)in sub-paragraph (2) for “the amount specified in the notice in accordance with paragraph 4(1)(b)” substitute “that amount”.

(5)After paragraph 6 insert—

6A(1)This paragraph applies where—

(a)an accelerated payment notice is given (and not withdrawn), and

(b)an amount is specified in the notice in accordance with paragraph 4(1)(d).

(2)The relevant partner may not at any time when the notice has effect consent to any claim for group relief in respect of the amount so specified.

(3)Subject to sub-paragraph (2), paragraph 75 (other than sub-paragraphs (7) and (8)) of Schedule 18 to FA 1998 (reduction in amount available for surrender) has effect at any time when the notice has effect as if that specified amount ceased to be an amount available for surrender at the time the notice was given to the relevant partner.

(4)For the purposes of sub-paragraph (3), paragraph 75 of that Schedule has effect as if, in sub-paragraph (2) of that paragraph for “within 30 days” there were substituted “before the end of the payment period (within the meaning of paragraph 6(5) of Schedule 32 to the Finance Act 2014)”.

(5)The time limits otherwise applicable to amendment of a company tax return do not prevent an amendment being made in accordance with paragraph 75(6) of Schedule 18 to FA 1998 where the relevant partner withdraws consent by virtue of sub-paragraph (3).

(6)In paragraph 8 (withdrawal, suspension or modification of partner payment notices), in sub-paragraph (2)—

(a)before paragraph (a) insert—

(za)section 227(2)(d), (12A) and (16) has effect as if the references to section 220(2)(d) or 221(2)(d) were to paragraph 4(1)(d) of this Schedule,, and

(b)omit the “and” after paragraph (a) and after paragraph (b) insert , and

(c)section 227(12A) has effect as if the reference to section 225A(3) were to paragraph 6A(3) of this Schedule.

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Show Explanatory Notes for Sections: Displays relevant parts of the explanatory notes interweaved within the legislation content.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources