|
|
|
Amendment of section 1080B of Principal Act (Covid-19: special warehousing and interest provisions (income tax))
|
| |
72. Section 1080B of the Principal Act is amended by the insertion of the following subsections after subsection (18):
|
|
| |
“(19) Where—
|
|
| |
(a) a relevant person who is a person with a material interest (within the meaning of section 997A) in a company—
|
|
| |
(i) has not estimated that the relevant person’s total income for 2020 will be less than 75 per cent of the relevant person’s total income for 2019,
|
|
| |
(ii) has not formed the view that the relevant person’s total income for 2021 will be less than 75 per cent of the relevant person’s total income for 2019, or
|
|
| |
(iii) was not a relevant person for 2019 and neither subsection (4) nor paragraph (b) of subsection (6) applies to that person,
|
|
| |
and
|
|
| |
(b) section 991B applies to the company,
|
|
| |
this section shall apply to the relevant person, subject to the modification that a reference in this section to a relevant person’s Covid-19 income tax shall be construed as a reference to that part of the relevant person’s income tax liabilities which relates to the person’s Schedule E income from the company.
|
|
| |
(20) Where a relevant person referred to in subsection (19) includes on a return or declaration, as Covid-19 income tax, any amount of income tax other than income tax relating to the relevant person’s Schedule E income from the company referred to in that subsection, section 959AO(3) shall apply to the relevant person’s Covid-19 income tax.”.
|
