Finance Act 2007 · s 48

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48.
Dividend paid in excess of revised 108 balance
(1)	 Where section 41 or 46 applies and a company has deducted tax on any dividend paid to its shareholders in accordance with this Part, and the amount deducted exceeds the revised 108
balance, the excess shall be a debt due from the company to the
Government and that debt shall be due and payable on the due date.
(2)	 Where any excess due and payable by a company under subsection (1) has not been paid by the due date, that excess as is unpaid upon the expiration of that date shall, without any further notice being served, be increased by an amount equal to ten per cent of the excess so unpaid, and the amount unpaid and the increase on the amount unpaid shall be a debt due from the company to the Government and that debt shall be payable forthwith to the Director General.
(3)	 In this section, “due date” means the last day of the seventh month from the date following the close of the accounting period of the company to which period section 41 or 46 applies.
(4)	 Any debt due under this section shall be recoverable as if it were tax due and payable under the principal Act.

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s 48Dividend paid in excess of revised 108 balance

(1)

Where section 41 or 46 applies and a company has deducted tax on any dividend paid to its shareholders in accordance with this Part, and the amount deducted exceeds the revised 108

balance, the excess shall be a debt due from the company to the

Government and that debt shall be due and payable on the due date.

(2)

Where any excess due and payable by a company under subsection (1) has not been paid by the due date, that excess as is unpaid upon the expiration of that date shall, without any further notice being served, be increased by an amount equal to ten per cent of the excess so unpaid, and the amount unpaid and the increase on the amount unpaid shall be a debt due from the company to the Government and that debt shall be payable forthwith to the Director General.

(3)

In this section, “due date” means the last day of the seventh month from the date following the close of the accounting period of the company to which period section 41 or 46 applies.

(4)

Any debt due under this section shall be recoverable as if it were tax due and payable under the principal Act.