Section 696F Collection and general provisions

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Amendments

Section 696F inserted by Finance Act 2008 section 45(1)(b) as respects profits from any petroleum lease entered into following on from a licensing option or from an exploration licence, or a reserved area licence, awarded by the Minister for Communications, Energy and Natural Resources after 1 January 2007.

(1) The provisions of the Corporation Tax Acts relating to—

(a) assessments to corporation tax,

(b) appeals against such assessments (including the rehearing of appeals and the statement of a case for the opinion of the High Court), and

shall apply in relation to a profit resource rent tax charged under section 696C as they apply to corporation tax charged otherwise than under this Chapter.

Do the collection and other rules for CT apply to profit resource rent tax?

(1) The corporation tax provisions relating to assessments, appeals and collection of tax apply in relation to profit resource rent tax as they do for corporation tax purposes.

(2)(a) Any amount of profit resource rent tax payable in accordance with this Chapter without the making of an assessment shall carry interest at the rate of 0.0273 per cent for each day or part of a day from the date when the amount becomes due and payable until payment.

(b) Section 1080 shall apply in relation to interest payable under paragraph (a) as it applies in relation to interest payable under section 1080.

What interest applies to unpaid profit resource rent tax?

(2) Unpaid profit resource rent tax carries interest at 0.0273 per cent for each day the tax remains unpaid....

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