SCHEDULE 49 Corporation Tax: Deferral of Payment of Exit Charge
Finance Act 2013 (2013 c 29) | Legislation

SCHEDULE 49 Corporation Tax: Deferral of Payment of Exit Charge

Section 229

Amendments of TMA 1970

1

TMA 1970 is amended in accordance with paragraphs 2 to 6.

2

After section 59F insert—

“59FA Exit charge payment plans

(1)     Schedule 3ZB contains provisions about 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 an 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 an 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.â€

3

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