Schedule 15 - Large businesses: notification of uncertain tax treatment

Finance (No. 2) Bill – in a Public Bill Committee at 9:45 am on 11 January 2022.

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Amendments made: 7, in schedule 15, page 173, line 1, leave out “any relevant” and insert

“a company tax return or partnership”

See the explanatory statement for Amendment 9.

8, in schedule 15, page 173, line 19, leave out “a member of the”

See the explanatory statement for Amendment 10.

9, in schedule 15, page 173, line 20, at end insert—

“Notification under paragraph 8(2)(b) of an amount included in a PAYE return or VAT return delivered to HMRC for a financial year

On or before the date (determined in accordance with this table) by which the notification would be required if— (a) the notification were required by paragraph 8(2)(a), and (b) the return were delivered to HMRC for the financial year following the financial year in which the accounting provision is recognised in the accounts of the company or partnership.”

This amendment and Amendment 7 ensure that, where provision for uncertain PAYE or VAT liabilities is recognised in the accounts of a company or partnership, the accounts may be finalised before HMRC is required to be notified of the uncertainty under Schedule 15.

10, in schedule 15, page 173, line 33, leave out

“, or a member of the partnership,”

and insert “or partnership”—(Lucy Frazer.)

This amendment and Amendment 8 ensure that Schedule 15 operates as intended where provision for uncertain liabilities is recognised in the accounts of a partnership.

Schedule 15, as amended, agreed to.