Explanatory note

These Regulations amend the Corporation Tax (Instalment Payments) Regulations 1998 (S.I. 1998/3175) (“the principal Regulations”) and, like the principal Regulations, have effect in relation to accounting periods of companies ending on or after 1st July 1999 (the day appointed for the purposes of corporation tax self-assessment).

Regulation 1 provides for citation, commencement and effect, and regulation 2 for interpretation.

Regulation 3 amends regulation 9 of the principal Regulations which modifies section 102 of the Finance Act 1989 (surrender of company tax refund within group) so that it includes the surrender of an excess amount paid by a company under the principal Regulations in respect of its tax liability. The amendments made by these Regulations make further modifications to section 102 of the 1989 Act so as to identify the payments of tax in relation to which the refund is made.

Regulation 4 amends regulation 12 of the principal Regulations (inspection of records) so as to provide that the requirement for a company to make available books, documents and other records for inspection shall be in response to a notice given by an officer of the Board.