Corporation Tax Act 2010 section 332

Assessment, recovery and postponement of supplementary charge

Section 332 explains how the supplementary charge on ring fence trades (the additional tax on oil and gas extraction profits) is administered, assessed, collected and enforced, by treating it as if it were corporation tax for most administrative purposes.

• The supplementary charge is treated as corporation tax for all general administrative purposes, including filing returns, assessments, collection, appeals, penalties and interest on late payments.
• The Taxes Management Act 1970 applies as though any reference to corporation tax includes the supplementary charge, ensuring standard compliance and enforcement procedures cover it.
• There is one important exception: the regulations dealing with unrelieved surplus advance corporation tax do not apply to the supplementary charge, and adjusted ring fence profits are excluded from references to profits charged to corporation tax in those regulations.
• These administrative rules are subject to any specific provisions in the Taxes Acts and to any necessary modifications.