Section 371UB | Application of the Taxes Acts to the CFC charge ^F1

(1)The provision of step 5 in section 371BC(1) relating to the charging of a sum as if it were an amount of corporation tax is to be taken as applying all enactments applying generally to corporation tax.^F1

(2)This is subject to—^F1

(a)the provisions of the Taxes Acts, and^F1

(b)any necessary modifications.^F1

(3)The enactments referred to in subsection (1) include—^F1

(a)those relating to returns of information and the supply of accounts, statements and reports,^F1

(b)those relating to the assessing, collecting and receiving of corporation tax,^F1

(c)those conferring or regulating a right of appeal, and^F1

(d)those concerning administration, penalties, interest on unpaid tax and priority of tax in cases of insolvency under the law of any part of the United Kingdom.^F1

(4)In particular, TMA 1970 is to have effect as if—^F1

(a)any reference to corporation tax included a reference to a sum charged at step 5 in section 371BC(1) as if it were an amount of corporation tax, and^F1

(b)any reference to profits of a company included, in the case of a chargeable company in relation to a CFC's accounting period, references to the percentage of the CFC's chargeable profits in respect of which the company is charged at step 5 in section 371BC(1).^F1

(5)Nothing in—^F1

(a)paragraph 10 of Schedule 18 to FA 1998 (claims or elections in company tax returns), or^F1

(b)Schedule 1A to TMA 1970 (claims or elections not included in returns),^F1

applies to an election under section 371TB(8).