Section 59FA | CT exit charge payment plans

(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.