Taxes Consolidation Act 1997 section 171

Returns, payment and collection of advance corporation tax

Section 171 set out the procedural rules for filing returns, paying and collecting advance corporation tax (ACT) on company distributions, and applied before the abolition of ACT.

• Companies had to file an ACT return for each accounting period showing distributions made and received and the ACT payable.
• Returns were due within nine months of the end of the accounting period; no return was needed for a period in which no distribution was made.
• ACT itself was due within six months of the period end, brought forward to the 28th of the month where that six-month date fell later in the month.
• Interest on late payment ran at 1.25% per month, and the section was repealed by Finance Act 2000 with effect for accounting periods commencing on or after 6 April 1999.