Search Legislation

Finance Act 2018

What Version

 Help about what version
  • Latest available (Revised)
  • Original (As enacted)

Status:

This is the original version (as it was originally enacted). This item of legislation is currently only available in its original format.

Double taxation

3(1)In section 554Z2 of ITEPA 2003 (value of relevant step to count as employment income), after subsection (1) insert—

(1AA)But subsection (1) is subject to section 554Z2A (close companies).

(2)After section 554Z2 of ITEPA 2003, insert—

554Z2AException to section 554Z2(1): close companies

(1)Section 554Z2(1) does not apply in the case of a relevant step if—

(a)this Chapter applies in the case of the relevant step only by reason of section 554AA (close companies),

(b)the relevant step is a step within section 554B, 554C or 554D,

(c)the relevant step gives rise to a charge to tax under either—

(i)section 455 of CTA 2010 by virtue of section 459 of that Act (loans treated as made to participator), or

(ii)section 415 of ITTOIA 2005 (release of loan to participator in a close company), and

(d)in a case within paragraph (c)(i), either the payment condition or the consent condition is met in relation to the charge under section 455 of CTA 2010.

(2)The payment condition is met in relation to a charge to tax under section 455 of CTA 2010 if—

(a)the net section 455 charge is paid in full on or before the due date, or

(b)the net section 455 charge is nil.

(3)The “net section 455 charge” means the amount of the charge to tax under section 455 of CTA 2010 less the amount of section 458 relief from that charge.

(4)In subsection (3) “section 458 relief” means relief given under section 458 of that Act—

(a)in respect of a repayment made, or a release or writing-off occurring, on or before the due date, and

(b)on a claim made on or before the due date.

(5)The consent condition is met in relation to a charge to tax under section 455 of CTA 2010 if—

(a)the charge to tax is reported, in a company tax return of B’s, as required under Schedule 18 to FA 1998 (company tax returns etc),

(b)the payment condition is not met in relation to that charge, and

(c)an officer of Revenue and Customs considers that section 554Z2(1) should not apply in the case of the relevant step concerned.

(6)In this section, references to the “due date” in relation to a charge to tax under section 455 of CTA 2010 are references to the day on which the tax is due and payable (see section 455(3) of CTA 2010).

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

Opening Options

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

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