SCHEDULES
SCHEDULE 18Accelerated payments: group relief
8Amendments of Part 4 of FA 2014
1
Section 227 (withdrawal, modification or suspension of accelerated payment notice) is amended as follows.
2
In subsection (2) omit the “or” after paragraph (b) and after paragraph (c) insert
, or
d
reduce the amount specified in the accelerated payment notice under section 220(2)(d) or 221(2)(d).
3
In subsection (4), after “(2)(c)” insert “or (d)”.
4
In subsection (6)(b), after “advantage” insert “etc”.
5
In subsection (7), omit the “and” after paragraph (a) and after paragraph (b) insert
, and
c
if the amount of the asserted surrenderable amount is less than the amount specified in the notice, amend the notice under subsection (2)(d) to substitute the lower amount.
6
After subsection (12) insert—
12A
Where, as a result of an accelerated payment notice specifying an amount under section 220(2)(d) or 221(2)(d), a notice of consent by P to a claim for group relief in respect of the amount specified (or part of it) became ineffective by virtue of section 225A(3), nothing in subsection (12) operates to revive that notice.
7
After subsection (13) insert—
14
If the accelerated payment notice is amended under subsection (2)(d) or withdrawn—
a
section 225A(2) and (3) (which prevents consent being given to group relief claims) cease to apply in relation to the released amount, and
b
a claim for group relief may be made in respect of any part of the released amount within the period of 30 days after the day on which the notice is amended or withdrawn.
15
The time limits otherwise applicable to amendment of a company tax return do not apply to the extent that it makes a claim for group relief within the time allowed by subsection (14).
16
“The released amount” means—
a
in a case where the accelerated payment notice is amended under subsection (2)(d), the amount represented by the reduction, and
b
in a case where the accelerated payment notice is withdrawn, the amount specified under section 220(2)(d) or 221(2)(d).