COM95012 - Payments: quarterly instalment payments: legislation

Section

Explanation

Corporation Tax (Instalment Payments) Regulations 1998 (S.I. 1998 No 3175

The Corporation Tax (Instalment Payments) (Amendment) Regulations 1999 (S.I. 1999/1929) The

Corporation Tax (Instalment Payments) (Amendment) Regulations 2000 (S.I.2000 no 892)

Governs Quarterly Instalment Payments (QIPs) and sets out the requirement for large companies to pay in quarterly instalments

Regulation 6

Deals with repayments before liability is finally established and allows a company which has made quarterly instalment payments to apply for repayment of the excess paid within specified parameters

Regulation 9

Deals with intra-group surrender of excessive instalment payments

Regulation 10

Information power provision to seek information in connection with the computation of QIPs, failure to make QIPs and / or a claim to repayment under Regulation 6

Regulation 11

Information power provision requiring the company to produce books and documents and other records, relating to matters and for the purposes of Regulation 10

Regulation 12

Inspection of records provision requiring that where records required under Regulation 11 are kept on computer the company is to provide the necessary facilities to view the documents

Regulation 13

Sets out the circumstances under which a company may be liable to a penalty for unpaid tax

Regulation 14

Anti-avoidance provision. Applies where an amount(s) of CT for any part of an AP beginning after 1 July 1998 and ending before 1 July 2002 becomes payable later than it would otherwise have done

S.102 FA 89

Intra group surrenders. Enables a member of a group which is entitled to a repayment of CT, IT or tax credit to surrender all or part of it to another member of the group

S. 178 FA89

Prescribes the rates of both late and repayment interest

S. 826 ICTA 1988 as amended by Regulation 8 of the CT (Instalment Payments) Regulations 1998 (S.I.1998 No 3175)

Credit interest provisions

S. 87A TMA 1970 as amended by Regulation 7 of the CT (Instalment Payments) Regulations 1998 (S.I.1998 No 3175)

Debit interest provisions