SCHEDULE 7 CT Payment Plans for Tax on Certain Transactions with EEA Residents
Finance Act 2020 (2020 c 14) | Legislation

SCHEDULE 7 CT Payment Plans for Tax on Certain Transactions with EEA Residents

Section 34

CT payment plans

1

In TMA 1970, after section 59FA insert—

“59FB CT payment plans for tax on certain transactions with EEA residents

Schedule 3ZC makes provision enabling a company that is liable to pay corporation tax arising in connection with certain transactions to defer payment of the tax by entering into a CT payment plan.”

2

After Schedule 3ZB to TMA 1970 insert—

“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

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