Schedule 16 holds the provisions for accounting for IT on
ICTA88/S349 annual payments made by UK resident companies (IM3900
onwards). Such payments are described as ‘relevant
payments’.
Form CT61(Z) is provided for use by companies making returns
under Schedule 16.
A company cannot use the tax credit comprised in franked
investment income received to satisfy the IT it has to account for
in respect of annual payments etc.
The detailed procedures for collection etc, of IT on annual
payments made by companies are shown at AC4000 onwards, including
instructions on return forms CT61(Z) at AC4100, and on assessments
at AC4450 and AC4550 onwards.
