|Finance (No. 2) Bill - continued||House of Commons|
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|COMPANY TAX RETURNS, ASSESSMENTS AND RELATED MATTERS|
Meaning of "tax"
| 1. In this Schedule "tax" means corporation tax including, except as otherwise indicated, any amount assessable or chargeable as if it was corporation tax.|
|Amounts are assessable or chargeable as if they were corporation tax under- |
Duty to give notice of chargeability
| 2. - (1) A company which- |
must give notice to the Inland Revenue that it is so chargeable.
| (2) The notice must be given within twelve months from the end of the accounting period.|
| (3) A company which fails to comply with this section is liable to a penalty not exceeding the amount of tax payable for the accounting period in question that remains unpaid twelve months after the end of the period.|
| (4) In computing the amount of unpaid tax for this purpose, no account shall be taken of any relief under section 419(4) of the Taxes Act 1988 (relief in respect of repayment, etc. of loan) which is deferred under subsection (4A) of that section.|
|© Parliamentary copyright 1998||Prepared 6 April 1998|