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2014 No. 2409 Corporation Tax The Corporation Tax (Instalment Payments) (Amendment) Regulations 2014 Made 9th September 2014 Laid before the House of Commons 10th September 2014 Coming into force 1st October 2014 The Treasury make the following Regulations in exercise of the powers conferred by section 59E(1) of the Taxes Management Act 1970.
Propose a change(1) These Regulations may be cited as the Corporation Tax (Instalment Payments) (Amendment) Regulations 2014 and come into force on 1st October 2014. (2) These Regulations have effect in relation to accounting periods beginning on or after 1st April 2015.
Propose a change(1) The Corporation Tax (Instalment Payments) Regulations 1998 are amended as follows. (2) In regulation 2 (interpretation), in paragraph (2) for “32” substitute “279G”. (3) In regulation 3 (large companies)— (a) for paragraph (1) substitute— (1) Subject to the following paragraphs in this regulation, a large company is a company whose profits in any accounting period exceed £1,500,000. (b) for paragraph (5) substitute— (5) If a company has one or more related 51% group companies in an accounting period— (a) the amount specified in paragraph (1) is substituted by the following amount— £ 1 , 500 , 000 ( 1 + N ) where N is the number of related 51% group companies, and (b) the amount specified in paragraph (3)(a) is substituted by the following amount— £ 10 , 000 , 000 ( 1 + N ) where N is the number of those related 51% group companies. (5A) The number of related 51% group companies in paragraph (5) is determined by reference to the number of such companies existing at the end of the immediately preceding accounting period of the company or, if there is no immediately preceding accounting period or the immediately preceding accounting period did not end on the day before the accounting period concerned commenced, by reference to the number existing at the commencement of the accounting period concerned. (5B) In paragraphs (5) and (5A) “related 51% group company” has the same meaning as in section 279F of CTA 2010. (c) For paragraph (8) substitute— (8) For the purposes of this regulation for an accounting period of less than 12 months the amounts in paragraphs (1) and (3)(a) and the amounts of £1,500,000 and £10,000,000 in paragraph (5) are proportionately reduced.
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