Section 26 Quarterly instalment payments

The Corporation Tax (Instalment Payments) Regulations 1998 (S.I. 1998/3175) are amended as follows.

At the end of regulation 3 (large and very large companies) insert—

(11)

A company which—

(a)

is chargeable to corporation tax for an accounting period only because of a chargeable gain accruing to the company on the disposal of an asset, and

(b)

would, apart from this paragraph, be a very large company by virtue of this regulation in respect of the accounting period,

is to be treated for the purposes of these regulations as if it were a large company by virtue of paragraph (1).

In regulation 3(10), in the words before paragraph (a), after “12 months” insert “ and paragraph (11) does not apply ”.

The amendments made by this section have effect in relation to accounting periods beginning on or after 11 March 2020.