Part 3

Income tax, corporation tax and capital gains tax
Chapter 2

Corporation tax: general

Miscellaneous

Duty of company to give notice of coming within charge to corporation tax
55
1
A company must give notice to the Board—
a
of the beginning of its first accounting period, and
b
of the beginning of any subsequent accounting period that does not immediately follow the end of a previous accounting period.
2
The notice required by this section—
a
must be in writing;
b
must state when the accounting period began;
c
must contain such other information as may be prescribed;
d
may be given to any officer of the Board; and
e
must be given not later than three months after the beginning of the accounting period.
3
“Prescribed” in subsection (2)(c) means prescribed by regulations made by the Board.
4
A company that has a reasonable excuse for failing to give notice as required by this section—
a
is not to be regarded as having failed to comply with this section until the excuse ceases, and
b
after the excuse ceases is not to be regarded as having failed to comply with this section if the required notice is given without unreasonable delay after the excuse ceases.
5
In this section—
a
“accounting period” means an accounting period for the purposes of corporation tax;
b
“company” means a body corporate and does not include an unincorporated association or a partnership; and
c
“the Board” means the Commissioners of Inland Revenue.
6
In the second column of the Table in section 98 of the Taxes Management Act 1970 (c. 9) (penalty for failure to provide information), at the appropriate place insert— “ section 55 of the Finance Act 2004 ”.
7
This section applies in relation to accounting periods beginning on or after the day on which this Act is passed.