Income and Corporation Taxes Act 1988

• Citation: 1988 c. 1
• Sections: 2515

Section 1 The charge to income tax.

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Section 1A Application of lower rate to income from savings and distributions.

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Section 1B Rates of tax applicable to distribution income etc.

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Section 2 Fractions of a pound, and yearly assessments.

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Section 3 Certain income charged at basic rate.

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Section 4 Construction of references in Income Tax Acts to deduction of tax.

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Section 5 Date for payment.

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Section 6 The charge to corporation tax and exclusion of income tax and capital gains tax.

(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section 7 Treatment of certain payments and repayment of income tax.

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Section 8 General scheme of corporation tax.

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Section 8A Resolutions to reduce corporation tax.

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Section 9 Computation of income: application of income tax principles.

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(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2C) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) Where . . . any enactment applies both to income tax and to corporation tax—

(a) it shall not be affected in its operation by the fact that they are distinct taxes but, so far as is consistent with the Corporation Tax Acts, shall apply in relation to income tax and corporation tax as if they were one tax, so that, in particular, a matter which in a case involving two individuals is relevant for both of them in relation to income tax shall in a like case involving an individual and a company be relevant for him in relation to that tax and for it in relation to corporation tax; and

(b) for that purpose references in any such enactment to a relief from or charge to income tax, or to a specified provision of the Income Tax Acts shall, in the absence of or subject to any express adaptation, be construed as being or including a reference to any corresponding relief from or charge to corporation tax, or to any corresponding provision of the Corporation Tax Acts.

(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section 10 Time for payment of tax.

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Section 11 Companies not resident in United Kingdom.

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(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section 11AA Determination of profits attributable to permanent establishment

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Section 12 Basis of, and periods for, assessment.

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(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7ZA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7B) . . .

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(7C) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(8) Where it appears to the inspector that the beginning or end of any accounting period of a company is uncertain, he may make an assessment on the company for such period, not exceeding 12 months, as appears to him appropriate, and that period shall be treated for all purposes as an accounting period of the company unless either—

(a) the inspector on further facts coming to his knowledge sees fit to revise it; or

(b) on an appeal against the assessment in respect of some other matter the company shows the true accounting periods;

and if on an appeal against an assessment made by virtue of this subsection the company shows the true accounting periods, the assessment appealed against shall, as regards the period to which it relates, have effect as an assessment or assessments for the true accounting periods, and there may be made such other assessments for any such periods or any of them as might have been made at the time when the assessment appealed against was made.

(9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section 13 Small companies’ relief.

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Section 13A Close investment-holding companies.

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Section 13AA Corporation tax starting rate.

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Section 13AB The non-corporate distribution rate

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Section 13ZA Interpretation of section 13(7)

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Section 14 Advance corporation tax and qualifying distributions.

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Section 15 Schedule A.

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Section 16 Schedule B.

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Section 17 Schedule C.

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Section 18 Schedule D.

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Section 18ZJ Commencement: the first restricted year

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Section 19 Schedule E.

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Section 20 Schedule F.

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Section 21 Persons chargeable and basis of assessment.

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Section 21A Computation of amount chargeable.

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Section 21B Application of other rules applicable to Case I of Schedule D.

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Section 21C The Schedule A charge and mutual business.

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Section 22 Assessments.

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Section 23 Collection from lessees and agents.

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Section 24 Construction of Part II.

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Section 25 Deductions from rent: general rules.

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Section 26 Deductions from rent: land managed as one estate.

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Section 27 Deductions from rent: maintenance funds for historic buildings.

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Section 28 Deductions from receipts other than rent.

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Section 29 Sporting rights.

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Section 30 Expenditure on making sea walls.

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Section 31 Provisions supplementary to sections 25 to 30.

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Section 31A Deductions for expenditure by landlords on energy-saving items

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Section 31B Provisions supplementary to section 31A

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Section 31ZA Deduction for expenditure on energy-saving items

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Section 31ZB Restrictions on relief

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Section 31ZC Regulations

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Section 32 Capital allowances for machinery and plant used in estate management.

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Section 33 Agricultural land: allowance for excess expenditure on maintenance.

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