Section 59FA — Taxes Management Act 1970: CT exit charge payment plans

CT exit charge payment plans 59FA 1 Schedule 3ZB contains provisions about CT exit charge payment plans in accordance with which companies may defer payment of certain corporation tax.

2 Parts 1 and 2 of the Schedule each make provision about the circumstances in which a CT exit charge payment plan may be entered into, and about determining the amount of corporation tax that may be deferred—

a see Part 1 in relation to a company which ceases to be resident in the United Kingdom, and b see Part 2 in relation to a company which is not resident in the United Kingdom but which carries on, or has carried on, a trade in the United Kingdom through a permanent establishment there.

3 Part 3 of the Schedule contains provision about—

a entering into a CT exit charge payment plan , b the effect of such a plan, c the content of such a plan, and d the methods in accordance with which tax deferred under such a plan may be paid.