The Corporation Tax (Instalment Payments) (Amendment) Regulations 2000

Statutory Instruments

2000 No. 892

INCOME TAX

The Corporation Tax (Instalment Payments) (Amendment) Regulations 2000

Made

29th March 2000

Laid before the House of Commons

29th March 2000

Coming into force

19th April 2000

The Treasury, in exercise of the powers conferred on them by section 59E of the Taxes Management Act 1970(1), hereby make the following Regulations:

1.  These Regulations may be cited as the Corporation Tax (Instalment Payments) (Amendment) Regulations 2000, shall come into force on 19th April 2000 and shall have effect in relation to accounting periods of companies ending on or after 1st July 2000.

2.  In regulation 3(2) of the Corporation Tax (Instalment Payments) Regulations 1998(2) for “£5,000” substitute “£10,000”.

Jim Dowd

Bob Ainsworth

Two of the Lords Commissioners of Her Majesty’s Treasury

29th March 2000

Explanatory Note

(This note is not part of the Regulations)

These Regulations amend regulation 3 of the Corporation Tax (Instalment Payments) Regulations 1998 (“the principal Regulations”) so as to provide that a company is not a large company for an accounting period (so that the arrangements for quarterly instalment payments of corporation tax introduced by those Regulations do not apply) if the amount of the company’s total liability for that period does not exceed £10,000. The previous limit was £5,000. Under the principal Regulations the limit is proportionately reduced where the company’s accounting period is less than 12 months.

These Regulations have effect for accounting periods of companies ending on or after 1st July 2000.

(1)

1970 c. 9; section 59E was inserted by section 30 of the Finance Act 1998 (c. 36).

(2)

S.I. 1998/3175, to which there are amendments not relevant to these Regulations.