Modifications etc. (not altering text)
C1Pt. 15 modified (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), ss. 551(4), 1329(1) (with Pts. 1, 2, Sch. 2 para. 78)
(1)This section applies if before a payment of a royalty is made, the company beneficially entitled to the income in respect of which the payment is to be made—
(a)believed that the payment was exempt from income tax as a result of section 758 of ITTOIA 2005 (exemption for certain interest and royalty payments), but
(b)has subsequently become aware that any of conditions A to C in that section have ceased to be met.
(2)The company must without delay notify—
(a)an officer of Revenue and Customs, and
(b)the company which is to make the payment.