# Finance Act 2020, Section 26: Quarterly instalment payments


(1) The Corporation Tax (Instalment Payments) Regulations 1998 (S.I. 1998/3175) are amended as follows.
(2) 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).”
(3) In regulation 3(10), in the words before paragraph (a), after “12 months” insert “ and paragraph (11) does not apply ”.
(4) The amendments made by this section have effect in relation to accounting periods beginning on or after 11 March 2020.

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Source: https://www.legislation.gov.uk/ukpga/2020/14/section/26 (the official version)
Page: https://openlegislation.uk/finance-act-2020/section-26
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.