A4.465 Collection of tax

A4.465 Collection of tax

Deposit-takers, building societies, and UK-resident companies

UK-resident companies and prior to 6 April 2016, deposit-takers and building societies, must account under ITA 2007, ss 945–962 (Pt 15, Ch 15) for income tax deducted from the payments set out in ITA 2007, s 946 ('section 946' payments; see below)1. They must make a return of all section 946 payments made in a return period, and the amount of income tax for which it is accountable in respect of those payments2. The return must be made within 14 days of the end of the return period3.

For detailed consideration of this topic, see A4.466.

A company must send to an officer of HMRC an amended return if it becomes aware of any error in such a return, including an omission of an item which should have been included, or the inclusion of an item which should not have been included4. Any assessments, adjustments, set-offs, payments or repayments are to be made so as to ensure that all tax liabilities (including interest on unpaid tax) are what they would have been if the original return had been correct5.

Penalties can be imposed for failure to complete a return, or for fraudulently or negligently including incorrect information in such a return, see Division A4.5.

The following are the 'section 946 payments' discussed above:


    (a)     for years prior to 2016/17, payments from which a

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