Search Legislation

The Corporation Tax (Financing Costs and Income) Regulations 2009

 Help about what version

What Version

  • Latest available (Revised)
  • Original (As made)
 Help about opening options

Opening Options

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

Revised statement of allocated disallowances treated as received within specified time

This section has no associated Explanatory Memorandum

13.—(1) A revised statement of allocated disallowances which is not received by HMRC by the time specified (“the specified time”) in paragraph 20(2) of Schedule 15, shall be treated as if it were so received if conditions A and B are met.

(2) Condition A is that the statement is received in one of the following circumstances.

Circumstance 1

A notice of enquiry is given before the specified time in relation to the company tax return of a company to which Part 3 of Schedule 15 applies, the enquiry is not completed until after the specified time and the revised statement is received by HMRC by the last of the following dates—

(a)30 days after the enquiry is completed;

(b)if the return is amended by notice under paragraph 34(2) of Schedule 18 to the Finance Act 1998(1), 30 days after the notice is given;

(c)if an appeal is brought against such an amendment, 30 days after the date on which the appeal is finally determined.

Circumstance 2

A determination under paragraph 36 of Schedule 18 to the Finance Act 1998 is made in relation to a company to which Part 3 of Schedule 15 applies which is superseded by a self-assessment in accordance with paragraph 40 of that Schedule and the revised statement is received by HMRC within 30 days of delivery of the company tax return.

Circumstance 3

A discovery assessment or discovery determination is made under paragraph 41 of Schedule 18 to the Finance Act 1998 in relation to a company to which Part 3 of Schedule 15 applies and the revised statement is received by HMRC by the last of the following dates—

(d)30 days after the discovery assessment or discovery determination is made;

(e)if an appeal is brought against the discovery assessment or discovery determination, 30 days after the date on which the appeal is finally determined.

Circumstance 4

An amendment is made under paragraph 34(2A) of Schedule 18 to the Finance Act 1998 in relation to a company to which Part 3 of Schedule 15 applies and the revised statement is received by HMRC by the last of the following dates—

(f)30 days after the notice of the amendment is given;

(g)if an appeal is brought against such an amendment, 30 days after the date on which the appeal is finally determined.

(3) Condition B is that the amount of the difference between—

(a)the financing expense amounts specified in accordance with paragraph 21(4)(b) of Schedule 15 in the statement of allocated disallowances, and

(b)the amounts so specified in the revised statement,

does not exceed the change made to the amount of profit on which corporation tax is chargeable as a result of the enquiry, determination, assessment or amendment referred to in paragraph (2).

(1)

1998 c. 36; paragraph 34(1) to (2A) of paragraph 34 of Schedule 18 are to be substituted for sub-paragraphs (1) and (2) by section 119(6) of the Finance Act 2008 (c. 9) with effect from 1st April 2010 (by virtue of S.I. 2009/405).

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Impact Assessments

Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:

  • Why the government is proposing to intervene;
  • The main options the government is considering, and which one is preferred;
  • How and to what extent new policies may impact on them; and,
  • The estimated costs and benefits of proposed measures.
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources