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10 1985

FINANCE ACT, 1985

Chapter IV

Corporation Tax

Time for payment of corporation tax.

23. —(1) Subject to subsection (2), section 6 of the Corporation Tax Act, 1976 , is hereby amended, as respects accounting periods ending on or after the 28th day of February, 1985, by the substitution for subsection (4) of the following subsection:

“(4) Corporation tax assessed for an accounting period shall be paid within six months from the end of the accounting period or, if it is later, within two months from the making of the assessment.”.

(2) If, but for subsection (1), the corporation tax assessed for an accounting period ending on or after the 28th day of February, 1985, and before the 28th day of February, 1987, would be payable in two instalments and the second such instalment would, if the assessment had been made on the day immediately following the end of the accounting period, be payable within such an interval from the end of the accounting period as is more than—

(a) nine months, if the accounting period ends before the 28th day of February, 1986, or

(b) twelve months, if the accounting period ends on or after that date,

then, as respects such an accounting period, subsection (1) shall not have effect and paragraph (b) of section 6 (4) of the Corporation Tax Act, 1976 , shall have effect as if, in subparagraph (ii) (as amended by section 27 of the Finance Act, 1982 ) there were substituted for “six” where it first occurs—

(i) “nine”, if the accounting period ends before the 28th day of February, 1986, and

(ii) “twelve”, if the accounting period ends on or after that date.

Exemption of certain income of Housing Finance Agency, p.l.c.

24. —Notwithstanding any provision of the Corporation Tax Acts, income—

(a) arising to the Housing Finance Agency, p.l.c. in any accounting period ending after the 8th day of February, 1982, from the business of making loans and advances under section 5 of the Housing Finance Agency Act, 1981 , and

(b) which, but for this section, would have been chargeable to corporation tax under Case I of Schedule D,

shall be exempt from corporation tax.