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Section 59FA CT exit charge payment plansF1F2

United Kingdom

(1)

Schedule 3ZB contains provisions about CT exit charge payment plans in accordance with which companies may defer payment of certain corporation tax.

(2)

Parts 1 and 2 of the Schedule each make provision about the circumstances in which F3a CT exit charge payment plan may be entered into, and about determining the amount of corporation tax that may be deferred—

(a)

see Part 1 in relation to a company which ceases to be resident in the United Kingdom, and

(b)

see Part 2 in relation to a company which is not resident in the United Kingdom but which carries on, or has carried on, a trade in the United Kingdom through a permanent establishment there.

(3)

Part 3 of the Schedule contains provision about—

(a)

entering into a CT exit charge payment plan,

(b)

the effect of such a plan,

(c)

the content of such a plan, and

(d)

the methods in accordance with which tax deferred under such a plan may be paid.

Annotations

Textual amendments

F1

S. 59FA inserted (with effect in accordance with Sch. 49 para. 8 of the amending Act) by Finance Act 2013 (c. 29), Sch. 49 para. 2

F2

Words in s. 59FA substituted (12.2.2019) by Finance Act 2019 (c. 1), Sch. 7 para. 6(1)(c)

F3

Words in s. 59FA substituted (12.2.2019) by Finance Act 2019 (c. 1), Sch. 7 para. 6(1)(a)

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)

Notes on Corporation tax

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