The section provides that where a company receives after 5th April, 1976, repayment of corporation profits tax, the amount repaid will be treated as income of the accounting period in which it is received and will be charged to corporation tax at a rate equal to the standard rate of income tax for the year of assessment in which the accounting period ends.
SECTION 187.
Question proposed: " That section 187 stand part of the Bill."
Is this a new or an old provision?
It is a transitional arrangement consequential on the change in the law.
Question put and agreed to.