Finance Act 2018
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SCHEDULE 1 | ||
Amendments to Capital Acquisitions Tax Consolidation Act 2003 | ||
The Capital Acquisitions Tax Consolidation Act 2003 is amended— | ||
(a) in section 46 by substituting the following for subsection (7A): | ||
“(7A) The making of enquiries by the Commissioners for the purposes of subsection (7)(a) or the authorising of inspections by the Commissioners under subsection (7)(b) in connection with or in relation to any relevant return (within the meaning given in section 49(6A)(b)) may not be initiated after the expiry of 4 years commencing on— | ||
(a) the date on which the relevant return is received by the Commissioners, or | ||
(b) where the matter of such conditions being satisfied is relevant to the assessment of the tax concerned, the latest date on which all of the conditions for a relief or exemption were required to be satisfied.”, | ||
(b) in section 53A— | ||
(i) in subsection (1)(b) by substituting “year,” for “year.”, and | ||
(ii) by inserting the following after subsection (1)(b): | ||
“(c) in the case of an inheritance referred to in section 15(1) or 20(1), the last day of the period of 4 months referred to in section 46(2C).”, | ||
(c) in Part 8 by inserting the following after section 67: | ||
“Payment of tax following determination of an appeal | ||
67A. (1) Where, on the determination of an appeal made under section 67(2) against an assessment of tax, the amount of tax payable by a person is in excess of the amount of tax that the person paid in respect of the assessment before the making of the appeal, the excess shall be due and payable on the same date as the tax charged by the assessment is due and payable. | ||
(2) Notwithstanding subsection (1), where the amount of tax that a person paid before the making of an appeal is not less than 90 per cent of the amount of tax found to be payable on the determination of the appeal, the excess referred to in subsection (1) shall be due and payable not later than one month from the date of the determination of the appeal.”, | ||
(d) in section 90— | ||
(i) in subsection (1)— | ||
(I) by deleting the definitions of “associated company”, “holding company” and “subsidiary”, | ||
(II) by inserting the following after the definition of “full-time working officer or employee”: | ||
“ ‘holding company’ has the meaning assigned to it by section 8 (1) of the Companies Act 2014 ;”, | ||
(III) by substituting “section 93;” for “section 93.” in the definition of “relevant business property”, and | ||
(IV) by inserting the following after the definition of “relevant business property”: | ||
“ ‘subsidiary’ has the meaning assigned to it by section 7 of the Companies Act 2014 ; | ||
‘undertaking of substantial interest’ shall be construed in accordance with section 314(1)(b) of the Companies Act 2014 .”, | ||
and | ||
(ii) in subsection (3) by substituting “undertaking of substantial interest” for “associated company” in each place where it occurs, | ||
and | ||
(e) in section 104 by inserting the following after subsection (3): | ||
“(3A) Where an amount of tax is treated as an amount of capital gains tax for the purposes of this section under section 730GB of the Taxes Consolidation Act 1997 , subsection (3) shall not apply in relation to that amount of tax.”. |