Income Tax Act 2007 section 950

Payments otherwise than in an accounting period

Section 950 deals with the reporting obligations that arise when a person makes a section 946 payment on a date that falls outside any of their accounting periods.

• The section applies where a section 946 payment is made on a date that does not fall within any accounting period of the person making the payment
• A return must be delivered to HMRC within 14 days of the date the payment is made
• The return must show the amount of the payment and the income tax payable on it
• This requirement mirrors the return obligations that apply when a section 946 payment is made within an accounting period