Source: http://www.legislation.gov.uk/ukpga/1998/36/schedule/18/paragraph/75
Timestamp: 2013-05-19 02:54:58
Document Index: 193905649

Matched Legal Cases: ['art. 3', 'art. 3', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 3', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2']

Part VIII Reduction in amount available for surrenderSection 75Table of ContentsContentMore ResourcesPrevious: ParagraphNext: ParagraphPlain ViewPrint Options
What VersionLatest available (Revised)Original (As enacted)Advanced FeaturesShow Geographical Extent(e.g. England, Wales, Scotland, Northern Ireland)Show Timeline of Changes Opening OptionsOpen whole ActOpen Act without schedulesOpen Schedules onlyChanges to legislation:There are outstanding changes not yet made by the legislation.gov.uk editorial team to Finance Act 1998. Any changes that have already been made by the team appear in the content and are referenced with annotations.Changes to LegislationRevised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.Changes and effects yet to be applied to the whole Act, associated Parts and Chapters:Changes and effectsThis section lists the changes and effects yet to be applied to the whole Act, associated Parts and Chapters where applicable. This includes any insertions of whole new Parts, Chapters or provisions yet to be inserted into this Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing.Act amendment to earlier affecting provision SI 2007/1050 reg. 3-12 by 2009 c. 4 Sch. 2 para. 131Act applied in part (with modifications) by S.I. 2007/1050 reg. 3-12 (This SI is amended by 2009 c. 4 Sch. 2 para. 131)Blanket amendment words substituted by S.I. 2011/1043 art. 3 4Blanket amendment words substituted by S.I. 2011/1043 art. 3 6Whole provisions yet to be inserted into this Act (including any effects on those provisions):Sch. 1A excluded by 2010 c. 8 s. 371UB(5) (as inserted) by 2012 c. 14 Sch. 20 para. 1Commencement Orders yet to be applied to the Finance Act 1998:Commencement OrdersThis section lists the commencement orders yet to be applied to the whole Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing. Where applicable the commencement orders are listed under two headings, firstly those that bring some part of the Act you are viewing into force and secondly, those that bring into force legislation that affects some part of the legislation you are viewing. If you are viewing a prospective version or there is a prospective version available there may be commencement orders listed here that are relevant to the provision you are viewing.Commencement Orders bringing provisions within this Act into force:S.I. 2008/2302 art. 2 commences (1998 c. 36)S.I. 2009/1022 art. 2 commences (1998 c. 36)Commencement Orders bringing legislation that affects this Act into force:S.I. 2003/88 art. 2 3 commences (2002 c. 23)S.I. 2003/1900 art. 2(1) Sch. 1 commences (2003 c. 21)S.I. 2003/3142 art. 3(2) commences (2003 c. 21)S.I. 2005/1126 art. 2 commences (2005 c. 11)S.I. 2006/3399 art. 2 commences (2006 c. 25)S.I. 2008/568 art. 2 commences (2007 c. 11)S.I. 2009/402 art. 2 commences (2008 c. 9)S.I. 2009/403 art. 2 commences (2008 c. 9)S.I. 2009/404 art. 2 commences (2008 c. 9)S.I. 2009/405 art. 2 commences (2008 c. 9)S.I. 2009/511 art. 2 commences (2008 c. 9)S.I. 2009/571 art. 2-5 commences (2008 c. 9)S.I. 2011/892 art. 2 3 Commencement OrderS.I. 2012/628 art. 2-8 commences (2011 c. 20)75(1)This paragraph applies if, after the surrendering company has given one or more notices of consent to surrender, the [F1total amount available for surrender] is reduced to less than the amount stated in the notice, or the total of the amounts stated in the notices, as being surrendered.E+W+S+N.I.(2)The company must within 30 days withdraw the notice of consent, or as many of the notices as is necessary to bring the total amount surrendered within the new [F2total] amount available for surrender, and may give one or more new notices of consent.(3)The company must give notice in writing of the withdrawal of consent, and send a copy of any new notice of consent—(a)to each of the companies affected, and(b)to the Inland Revenue.(4)If the surrendering company fails to act in accordance with sub-paragraph (2), the Inland Revenue may by notice to the surrendering company give such directions as they think fit as to which notice or notices are to be ineffective or are to have effect in a lesser amount.This power shall not be exercised to any greater extent than is necessary to secure that the total amount stated in the notice or notices is consistent with the [F2total] amount available for surrender.
(5)The Inland Revenue must at the same time send a copy of the notice to the claimant company, or each claimant company, affected by their action.(6)A claimant company which receives—(a)notice of the withdrawal of consent, or a copy of a new notice of consent, under sub-paragraph (3), or(b)a copy of a notice containing directions by the Inland Revenue under sub-paragraph (4),must, so far as it may do so, amend its company tax return for the accounting period for which the claim is made so that it is consistent with the new position with regard to consent to surrender.
(7)An appeal may be brought by the surrendering company against any directions given by the Inland Revenue under sub-paragraph (4).(8)Notice of appeal must be given—(a)in writing,(b)within 30 days after the notice containing the directions was issued,(c)to the officer of the Board by whom the notice was given.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F1Words in Sch. 18 para. 75(1) substituted (27.7.1999 with effect in relation to accounting periods ending on or after 1.7.1999) by 1999 c. 16, s. 92(2)(a)(7)F2Words in Sch. 18 para. 75(2)(4) inserted (27.7.1999 with effect in relation to accounting periods ending on or after 1.7.1999) by 1999 c. 16, s. 92(2)(b)(7)Modifications etc. (not altering text)C1Sch. 18 para. 75 applied (with modifications) (31.3.2001 with effect as mentioned in reg. 1(2) of the commencing Regulations) by S.I. 2001/1163, regs. 1, 8Previous: ParagraphNext: ParagraphBack to topOptions/HelpPrint OptionsPrint The Whole ActPDF The Whole ActWeb page The Whole ActPrint The Whole SchedulePDF The Whole ScheduleWeb page The Whole SchedulePrint The Whole PartPDF The Whole PartWeb page The Whole PartPrint The Whole Cross HeadingPDF The Whole Cross HeadingWeb page The Whole Cross HeadingPrint This Section onlyPDF This Section onlyWeb page This Section onlyYou have chosen to open The Whole ActThe Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.Would you like to continue?Continue to openYou have chosen to open The Whole Act as a PDFThe Whole Act you have selected contains over 200 provisions and might take some time to download.Would you like to continue?Continue to openYou have chosen to open the Whole ActThe Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.Would you like to continue?Continue to openYou have chosen to open the Whole Act without Schedules