Finance Act, 1995
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Amendment of section 55 (late submission of returns: restriction of certain claims of relief) of Finance Act, 1992. |
66.—(1) Subject to subsection (2), any restriction or reduction imposed by paragraph (a), (b), (c), (d) or (e) of subsection (1) of section 55 of the Finance Act, 1992 , in respect of a chargeable period in the case of a company which fails to deliver a return of income on or before the specified return date for that chargeable period shall apply and have effect subject to— | |
(a) in the case of the restrictions or reductions imposed by paragraph (a), (b) or (c) of the said subsection, a maximum restriction or reduction, as the case may be, of £125,000 in each case for the chargeable period, and | ||
(b) in the case of the restrictions imposed by paragraph (d) or (e) of the said subsection, a maximum restriction of £50,000 in each case for the chargeable period. | ||
(2) Where in relation to a chargeable period a company, having failed to deliver a return of income on or before the specified return date for that chargeable period, delivers the said return before the expiry of two months from the specified return date, paragraphs (a) to (e) of subsection (1) of section 55 of the Finance Act, 1992 , shall apply and have effect— | ||
(a) as if the references therein to “50 per cent.” were references to “75 per cent.” in the case of paragraphs (a), (b), (d) and (e) and “25 per cent.” in the case of paragraph (c), and | ||
(b) subject to— | ||
(i) in the case of the restrictions or reductions imposed by paragraph (a), (b) or (c) of the said subsection, a maximum restriction or reduction, as the case may be, of £25,000 in each case for the chargeable period, and | ||
(ii) in the case of the restrictions imposed by paragraph (d) or (e) of the said subsection, a maximum restriction of £10,000 in each case for the chargeable period. | ||
(3) This section shall apply and have effect as respects chargeable periods ending on or after the 6th day of April, 1995. |