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SCHEDULES

SCHEDULE 18U.K. Company tax returns, assessments and related matters

Modifications etc. (not altering text)

C1Sch. 18 restricted (31.7.1998) by 1988 c. 1, s. 754B(10) (as inserted (31.7.1998 with effect as mentioned in Sch. 17 para. 37 of 1998 c. 36) by 1998 c. 36, s. 113, Sch. 17 para. 11)

C3Sch. 18 applied (20.7.2005) by Finance (No. 2) Act 2005 (c. 22), s. 61

C5Sch. 18 excluded (17.7.2013) by Finance Act 2013 (c. 29), s. 210(6)(b)

C6Sch. 18: power to amend conferred (12.2.2019) by Finance Act 2019 (c. 1), s. 87(5)(a)(6)

C7Sch. 18 applied (with modifications) (22.7.2020) by Finance Act 2020 (c. 14), Sch. 16 para. 11(4) (with Sch. 16 para. 11(5))

C8Sch. 18 applied (with modifications) (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 303(7)(8) (with s. 303(6))

Part XU.K. Special provisions

F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

F1Sch. 18 para. 84 and cross-heading repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 454(12), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F184U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Non-annual accounting of general insurance businessU.K.

85(1)This paragraph applies where a company carrying on insurance business delivers a company tax return based wholly or partly on accounts drawn up using the method described in [F2paragraph 58 in Section E of Part 2 of Schedule 3 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008].U.K.

That paragraph provides for a technical provision to be made in the accounts which is later replaced by a provision for estimated claims outstanding.

(2)Where this paragraph applies—

(a)the company may make any amendments of its return arising from the replacement of the technical provision at any time within twelve months from the date on which the provision was replaced, and

(b)[F3an officer of Revenue and Customs] may give notice of enquiry into the return at any time up to two years from that date.

(3)Nothing in this paragraph prevents notice of enquiry being given at any later time in accordance with the general rule in paragraph 24(3).

Textual Amendments

Insurance companies with non-annual actuarial investigationsU.K.

F486U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F4Sch. 18 para. 86 repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 10 para. 16(7), Sch. 27 Pt. 2(10)

Friendly societies with non-annual actuarial investigationsU.K.

87(1)This paragraph applies where a company tax return is delivered by a friendly society which is required by section [F55.2 of the [F6IPRU (FSOC)]] to cause an investigation to be made into its financial condition at least once in every period of three years.U.K.

(2)Where this paragraph applies—

(a)the society may make any amendments of its return arising from the relevant investigation at any time within 15 months from the date as at which that investigation is carried out, and

(b)[F3an officer of Revenue and Customs] may give notice of enquiry into the return at any time up to 27 months from that date.

(3)“The relevant investigation” means—

(a)if the return is for a period as at the end of which there is carried out an investigation under section [F55.2 of the [F7IPRU (FSOC)]] into the financial condition of the society, that investigation;

(b)if the return is not for such a period, the first such investigation to be made into the financial condition of the company as at the end of a subsequent period.

[F8(4)In this paragraph, “IPRU (FSOC)” means the Interim Prudential Sourcebook for Friendly Societies made by the Prudential Regulation Authority under the Financial Services and Markets Act 2000.]

Textual Amendments

F5Words in Sch. 18 paras. 87(1)(3) substituted (1.12.2001 with effect as mentioned in art. 103(5) of the amending S.I.) by S.I. 2001/3629, art. 103(4)(a)(5)