Management and administration etc

I111Application of corporation tax provisions

1

The provisions of section 1(1) relating to the charging of a sum as if it were an amount of corporation tax are to be taken as applying all enactments applying generally to corporation tax.

2

But this is subject to—

a

the provisions of the Corporation Tax Acts,

b

any necessary modifications, and

c

subsection (5).

3

The enactments mentioned in subsection (1) include—

a

those relating to returns of information and the supply of accounts, statements and reports,

b

those relating to the assessing, collecting and receiving of corporation tax,

c

those conferring or regulating a right of appeal, and

d

those concerning administration, penalties, interest on unpaid tax and priority of tax in cases of insolvency under the law of any part of the United Kingdom.

4

Accordingly—

a

TMA 1970 is to have effect as if any reference to corporation tax included a sum chargeable on a company under section 1(1) as if it were an amount of corporation tax, and

b

the enactments referred to in subsection (3)(a) to (d) apply for the purposes of the levy subject to any modifications necessary to take account of the provision made by Schedule 1 or by any other provision of this Act,

but nothing in this subsection is to be taken to limit subsections (1) to (3).

5

In the Corporation Tax (Treatment of Unrelieved Surplus Advance Corporation Tax) Regulations 1999 (SI 1999/358) or any further regulations made under section 32 of FA 1998 (unrelieved surplus advance corporation tax)—

a

references to corporation tax do not include a sum chargeable on a company under section 1(1) as if it were corporation tax, and

b

references to profits charged to corporation tax do not include qualifying levy profits.