# Finance Act 1996, Paragraph 4

Extent: E+W+S+N.I.

(1) Paragraph 6 (interpretation) shall be amended in accordance with the following provisions of this paragraph.
(2) In sub-paragraph (1), for the definition of “provisional fraction” there shall be substituted—
““provisional fraction” shall be construed in accordance with paragraphs 1(4) and 2 above;”.
(3) Sub-paragraph (3) (which makes transitional provision for cases where an insurance company has not made a return under section 11 of the Taxes Management Act 1970 as amended by section 82 of the Finance (No.2) Act 1987) shall cease to have effect.
(4) After that sub-paragraph there shall be added—
“(4) Sub-paragraph (5) below applies in any case where an insurance company—
(a) which has delivered a return under section 11 of the Management Act for an accounting period ending before the self-assessment appointed day, but
(b) which has not delivered its first return under that section for an accounting period ending on or after that day,
makes the first claim for a provisional repayment for a particular accounting period ending on or after that day.
(5) Where this sub-paragraph applies—
(a) the provisional fraction for the accounting period to which the claim mentioned in sub-paragraph (4) above relates shall be determined in accordance with paragraph 1(3), (4), and (6) and sub-paragraph (3) above, as they have effect in relation to accounting periods ending before that day; and
(b) paragraph 2 above, as originally enacted, shall have effect in relation to that accounting period as it has effect in relation to accounting periods ending before that day.
(6) In this paragraph “the self-assessment appointed day” means the day appointed under section 199 of the Finance Act 1994 for the purposes of Chapter III of Part IV of that Act (self-assessment management provisions).”

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Source: https://www.legislation.gov.uk/ukpga/1996/8/schedule/34/paragraph/4 (the official version)
Page: https://openlegislation.uk/finance-act-1996/schedule-34/paragraph-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.