Section 59D General rule as to when corporation tax is due and payable.F1C1
United Kingdom
Corporation tax for an accounting period is due and payable on the day following the expiry of nine months from the end of that period.
If the tax payable is then exceeded by the total of any relevant amounts previously paid (as stated in the relevant company tax return), the excess shall be repaid.
The tax payable means the amount computed in accordance with F2the first to fourth steps of paragraph 8 of Schedule 18 to the Finance Act 1998.
Relevant amounts previously paid means any of the following, so far as relating to the accounting period in question—
any amount of corporation tax paid by the company and not repaid;
any corporation tax refund surrendered to the company by another group company;
any amount by which the sums available for set off under Step 4 of the calculation in paragraph 8 of Schedule 18 to the Finance Act 1998 (amounts set off against overall tax liability) exceeds the amount against which they may be set off under that provision;
any amount treated as corporation tax paid in respect of profits of the company F3by virtue of regulations under section 62 of the Finance Act 2004 (deductions from payments to sub-contractors).
Annotations
Textual amendments
- F1
Ss. 59D, 59DA and cross-heading substituted for s. 59D (with effect in accordance with s. 117(4)(5) of the amending Act) by Finance Act 1998 (c. 36), Sch. 19 para. 29(2); S.I. 1998/3173, art. 2
- F2
Words in s. 59D(5) inserted (with effect in accordance with s. 38(9)-(12) of the amending Act) by Finance (No. 2) Act 2015 (c. 33), s. 38(4)(b)
- F3
Words in s. 59D(4)(d) substituted (with effect in accordance with s. 77 of the amending Act) by Finance Act 2004 (c. 12), Sch. 12 para. 2(2)
- F4
Words in s. 59D(3) inserted (with effect in accordance with s. 38(9)-(12) of the amending Act) by Finance (No. 2) Act 2015 (c. 33), s. 38(4)(a)
Modifications
- C1
S. 59D applied (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 455(3), 1184(1) (with Sch. 2)
- C2
S. 59D(5) modified (17.7.2012) by Finance Act 2012 (c. 14), Sch. 34 para. 12(7) (with Sch. 34 para. 12)
- C3
S. 59D(5) modified (17.7.2013) by Finance Act 2013 (c. 29), s. 202(12)
- C4
S. 59D(5) modified (with application in accordance with s. 119(6) of the amending Act) by Finance Act 2014 (c. 26), s. 119(12)
- C5
S. 59D(5) modified (with application in accordance with Sch. 26 para. 13(1) of the amending Act) by Finance Act 2014 (c. 26), Sch. 26 para. 13(7) (with Sch. 26 para. 13)
- C6
S. 59D(5) modified (with application in accordance with s. 76(6)-(12) of the amending Act) by Finance Act 2015 (c. 11), s. 76(11)
- C7
S. 59D(5) modified (with application in accordance with Sch. 2 para. 1(4) of the amending Act) by Finance (No. 2) Act 2015 (c. 33), Sch. 2 para. 1(9)
- C8
S. 59D(5) modified (18.11.2015) by Finance (No. 2) Act 2015 (c. 33), Sch. 3 para. 14(10)
- C9
S. 59D(5) modified (18.11.2015) by Finance (No. 2) Act 2015 (c. 33), Sch. 3 para. 16(10)
- C10
S. 59D(5) modified (with effect in accordance with s. 51 of the amending Act) by Finance Act 2022 (c. 3), s. 51(7)
Notes on Part VA
Textual amendments
- F1
Pt. 5A inserted (with effect in accordance with s. 199(2)(3) of the amending Act) by Finance Act 1994 (c. 9), s. 192 (with s. 198(1)); S.I. 1998/3173, art. 2
Modifications
- C1
Pt. 5A modified (with effect in accordance with s. 117(4)(5) of the amending Act) by Finance Act 1998 (c. 36), Sch. 18 para. 39(2)(a) (with Sch. 18 para. 59(2)); S.I. 1998/3173, art. 2
- C2
Pt. 5A applied (with modifications) (E.W.S.) by The Education (Student Loans) (Repayment) Regulations 2009 (S.I. 2009/470), reg. 62(4) (as amended (with application in accordance with reg. 1(2) of the amending S.I.) by S.I. 2010/661, regs. 1(1), 5)
- C3
Pt. 5A applied in part (with modifications) by the Social Security Contributions and Benefits Act 1992 (c. 4), s. 11A(1)-(3) (as substituted (with effect in accordance with Sch. 1 para. 35 of the amending Act) by National Insurance Contributions Act 2015 (c. 5), Sch. 1 para 3)
- C4
Pt. 5A applied in part (with modifications) by the Social Security Contributions and Benefits (Northern Ireland) Act 1992 (c. 7), s. 11A(1)-(3) (as substituted (with effect in accordance with Sch. 1 para. 35 of the amending Act) by National Insurance Contributions Act 2015 (c. 5), Sch. 1 para 12)
- C5
Pt. 5A applied (with modifications) (with application in accordance with reg. 1 of the amending S.I.) by The Education (Postgraduate Masters Degree Loans) Regulations 2016 (S.I. 2016/606), regs. 1(1), 79(4)
- C6
Pts. 4-6 applied (22.7.2020) by Finance Act 2020 (c. 14), Sch. 16 para. 9(3)
- C7
Pt. 5A applied (with modifications) (22.7.2020) by Finance Act 2020 (c. 14), Sch. 16 para. 11(2)