Clause 55 - Duty of company to give notice of coming within charge to corporation tax
Finance Bill (except clauses 4, 5, 20, 28, 57 to 77, 86, 111 and 282 to 289, and schedules 1, 3, 11, 12, 21 and 37 to 39)
3:30 pm
Mr Howard Flight (Shadow Chief Secretary To the Treasury, Economic Affairs; Arundel and South Downs, Conservative)
To some extent, I like things to be cut and dried, but it strikes me that reasonably naive new entrepreneurs will not have a clue about this unless they are all well organised by their accountants. Three months also go very quickly. If I were in that situation, I would certainly find it extremely annoying—as annoying, say, as receiving a parking ticket when one is a minute or so late—to find that I had been given a fine that was building up. It is good Germanic order to have this period of three months, but the number of companies that may not comply out of ignorance may be rather more than one might expect.