Income Tax Act 2007 section 949

Payments in an accounting period

Section 949 sets out the return requirements for persons who make section 946 payments (certain payments by deposit-takers, building societies, and similar companies from which income tax must be deducted at source) during an accounting period.

• A return must be submitted to HMRC for each return period within the accounting period in which a section 946 payment is made — there is no obligation to file a return for a return period in which no such payment occurs.
• Each return must be delivered within 14 days after the end of the return period to which it relates.
• The return must show the total amount of section 946 payments made in the return period and the income tax payable on those payments.
• Related provisions cover set-off claims (sections 952 and 953), assessments (section 957), and the duty to correct returns (section 958).