Finance Act 1998

51 (1) Schedule 19AB to the Taxes Act 1988 (pension business: payments on account of tax credits and deducted tax) is amended as follows.

(2) In paragraph 1(4), for “section 11 return" substitute “ company tax return ”.

(3) For paragraph 1(6) substitute—

“(6) Paragraphs 57 to 60 of Schedule 18 to the Finance Act 1998 (general provisions as to procedure on claims and elections) do not apply to a claim for a provisional repayment.”.

(4) In paragraph 1(7) for “section 7 of this Act" substitute “ paragraph 9(2) of Schedule 18 to the Finance Act 1998 ”.

(5) For paragraph 1(10) and (11) substitute—

“(10) In this paragraph—

• “latest company tax return”, in the case of an accounting period of a company (“the current accounting period”), means, subject to sub-paragraph (11) below, the company tax return for the latest preceding accounting period of the company for which such a return has been delivered before the making of the first claim for a provisional repayment for the current accounting period; and

• “self-assessment” means an assessment included in a company tax return, and includes a reference to such an assessment as amended.

(11) In any case where—

(a) there is a company tax return which would, apart from this sub-paragraph, be the latest such return in the case of an accounting period of a company,

(b) the self-assessment required to be included in that return has been amended, and

(c) that amendment was made before the making of the first claim for a provisional repayment for the accounting period mentioned in paragraph (a) above,

the return which is to be regarded as the latest company tax return in the case of that accounting period shall be that return as it stands amended immediately after the making of that amendment of the self-assessment (or, if the self-assessment has been so amended more than once, that return as it stands amended immediately after the making of the last such amendment) but ignoring amendments which do not give rise to any change in the fraction which, on the basis of the return as it has effect from time to time, would be the relevant fraction for the purposes of section 432A(5) for the accounting period to which the return relates.”.

(6) In paragraph 2(1)(c), for “section 11 return" substitute “ company tax return ”.

(7) In paragraph 3(1) for “section 30 of the Management Act" substitute “ paragraph 52 of Schedule 18 to the Finance Act 1998 ”.

(8) In paragraph 3(1A) for “section 7 of this Act" substitute “ paragraph 9(2) of Schedule 18 to the Finance Act 1998 ”.

(9) For paragraph 3(1D) substitute—

“(1D) Paragraph 53 of Schedule 18 to the Finance Act 1998 (time limit for recovery of excessive repayments etc.) does not apply to an assessment under paragraph 52 of that Schedule made by virtue of this paragraph.

But such an assessment is not out of time under paragraph 46 of that Schedule (general six year time limit for assessments) if it is made not later than the end of the accounting period following that in which the self-assessment mentioned in sub-paragraph (1)(a) above becomes final.”.

(10) In paragraph 3(3) for “section 30 of that Act" substitute “ paragraph 52 of Schedule 18 to the Finance Act 1998 ”.

(11) In paragraph 3(7) for “section 30 of the Management Act" substitute “ paragraph 52 of Schedule 18 to the Finance Act 1998 ”.

(12) In paragraph 3(9) for “a return under section 11 of the Management Act by virtue of section 11AA of that Act" substitute “ company tax return ”.

(13) In paragraph 6(4)(b) for “return under that section" substitute “ company tax return ”.