Section 244 Time for payment of corporation tax: companies trading before financial year 1965.F1
United Kingdom
Where, in respect of a trade chargeable under Case I or II of Schedule D, a company was within the charge to income tax from a time before the financial year 1965, then (so long as the company continues to be within the charge to corporation tax in respect of that trade) section 243(4) above shall not apply to the company, but corporation tax assessed on the company (or on some person in its place) for any accounting period, whether or not in respect of the trade, shall be paid within the like interval from the end of the accounting period as there was between the end of the basis period of the trade for the year 1965-66 and 1st January 1966 or, if it is later, within F2thirty days from the date of the issue of the notice of assessment.
Provided that this subsection shall not apply unless the said interval is longer than nine months.
Where subsection (1) above applies to a company having distinct trades which had different basis periods for the year 1965-66, that one of the basis periods which ended earliest shall be taken.
References in this section to the basis period for the year 1965-66 are, in relation to any source of income, references to the period on the income of which the income tax (if any) chargeable for that year fell to be finally computed in respect of the source or, where by virtue of any provision of the Income Tax Acts the income of any other period was to be taken to be the income of the said period, that other period.
Annotations
Textual amendments
- F1
S. 244 repealed by Finance Act 1987 (c. 16), ss. 36(1), 72(7), Sch. 16 Pt. V for accounting periods beginning on or after March 17th 1987, but see transitional provisions contained in s. 36(3)(a), Sch. 6 Pt. I of the Act of 1987 for certain accounting periods. (And see now Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 30 para. 1).
- F2
Words substituted by Finance (No. 2) Act 1975 (c. 45), s. 44(2) where notices of assessment issued after July 31st 1975.
Modifications
- C1
See Taxes Management Act 1970 (c. 9, SIF 63:1), s. 88(5)— date when tax ought to have been paid for the purpose of s. 88 (interest on tax recovered to make good loss due to taxpayer's fault).
- C2
See Finance (No. 2) Act 1975 (c. 45), s. 48(9) as to application of this subsection to repayment supplements.
Notes on the whole Act
Textual amendments
- F1
Act repealed (in relation to Tax for the year 1992/93 and subsequent years as mentioned in s. 289 of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290(3), Sch. 11 para. 24(1), Sch.12 (with savings in ss. 201(3), 290, Sch. 11 paras. 22, 26(2), 27), subject to applications, powers and amendments in the following enactments: Social Security Contributions and Benefits Act 1992 (c. 4), s. 16(1)(3), Sch. 2; Social Security (Consequential Provisions) Act 1992 (c. 6), s. 5, Sch. 3 Pt. II para. 15; Taxation of Chargeable Gains Act 1992 (c. 12), ss. 1(2), 209(3); Finance (No. 2) Act 1992, ss. 24, 49(2)(3)(a)(b)(4)(9), 77, Sch. 6 paras.4, 9, Sch. 17 paras. 6(3)(6), 7; S.I. 1992/58, arts. 9, 11(3),33, Sch. 2 para.1, S.I. 1992/1725, art. 107, Sch. 8 para.2; S.I. 1995/171, reg. 4(2)(a); S.I. 1995/1916, reg. 4; 1994 c. 9, s. 258, Sch. 26 Pt. V
Notes on Part XI
Modifications
- C1
See Income and Corporation Taxes Act 1988 (c. 1, SIF:63:1), ss. 114–116— special rules for partnerships involving companies.
Notes on Chapter I
Modifications
- C1
See Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), ss. 21(2), 59— Pt. XI Ch. 1 to have effect to the exclusion of those sections (persons chargeable under Schs. A and D).