[SCHEDULE 3ZC CT Payment Plans for Tax on Certain Transactions with EEA Residents]
Taxes Management Act 1970 (1970 c 9) | Legislation

[SCHEDULE 3ZC CT Payment Plans for Tax on Certain Transactions with EEA Residents]

[Section 59FB]

[Introduction

1

This Schedule makes provision enabling a company that is liable to pay qualifying corporation tax for an accounting period to defer payment of the tax by entering into a CT payment plan.

Qualifying corporation tax

2

(1)     For the purposes of this Schedule a company is liable to pay qualifying corporation tax for an accounting period if CT1 is greater than CT2 where—

CT1 is the corporation tax which the company is liable to pay for the accounting period, and

CT2 is the corporation tax which the company would be liable to pay for the accounting period if any gains, credits, losses or debits arising in respect of qualifying transactions of the company were ignored.

(CT2 will be zero if the company would not be liable to pay any corporation tax for the period).

(2)     The amount of qualifying corporation tax which the company is liable to pay is the difference between CT1 and CT2.

Qualifying transactions

3

(1)     For the purposes of this Schedule each of the following is a qualifying transaction of a company (“the company concernedâ€)—

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