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Finance Act, 1981

Chapter IV

Corporation tax

Time for payment of corporation tax.

15.—(1) Section 6 (4) of the Corporation Tax Act, 1976 , is hereby amended as respects accounting periods ending on or after the 6th day of April, 1980—

(a) in subparagraph (ii) of paragraph (a), by the substitution of “twelve” for “fifteen”, and

(b) in subparagraph (ii) of paragraph (b), by the substitution of “such an interval from the end of that accounting period as is three months less than the interval” for “the like interval from the end of such accounting period as there was”,

and the said subparagraphs, as so amended, are set out in the Table to this subsection.

TABLE

(ii) the second instalment within twelve months from the end of the accounting period or, if it is later, within two months from the making of the assessment.

(ii) in respect of any subsequent accounting period, within such an interval from the end of that accounting period as is three months less than the interval between the end of the first accounting period for which the company was within the charge to corporation tax and the date on or before which the second instalment of corporation tax for that first accounting period would have become payable if the assessment for that accounting period had been made on the day immediately following the end of that accounting period:

(2) If subsection (1) would, but for this subsection, have effect so as to require that the second instalment of corporation tax assessed for an accounting period which, apart from subsection (1), would fall to be paid within a period ending on or after the date of the passing of this Act, should fall to be paid within a period ending on a date earlier than the date of such passing, that second instalment shall, notwithstanding subsection (1), fall to be paid within a period ending on the date of such passing.

(3) Subsection (1) shall not have effect in relation to the second instalment of corporation tax assessed for an accounting period which, apart from that subsection, would fall to be paid within a period ending before the date of the passing of this Act.