Taxes Management Act 1970

[F1 12ZN Amendment of return by taxpayer during enquiry U.K.

(1) This section applies if an NRCGT return is amended under section 12ZK (amendment by taxpayer) at a time when an enquiry [F2 into the return is in progress in relation to any matter to which the amendment relates or which is affected by the amendment].

(2) The amendment does not restrict the scope of the enquiry but may be taken into account (together with any matters arising) in the enquiry.

(3) So far as the amendment affects the amount notionally chargeable for the purposes of the return (see section 12ZF(1)), it does not take effect while the enquiry is in progress [F3 in relation to any matter to which the amendment relates or which is affected by the amendment] and—

(a) if the officer states in [F4 a partial or final closure notice] that the officer has taken the amendment into account and that—

(i) the amendment has been taken into account in formulating the amendments contained in the notice, or

(ii) the officer's conclusion is that the amendment is incorrect,

the amendment is not to take effect;

(b) otherwise, the amendment takes effect when [F5 a partial closure notice is issued in relation to the matters to which the amendment relates or which are affected by the amendment or, if no such notice is issued, a final closure notice is issued].

(4) For the purposes of this section the period during which an enquiry is in progress [F6 in relation to any matter] is the whole of the period—

(a) beginning with the day on which the notice of enquiry is given, and

(b) ending with the day on which [F7 a partial closure notice is issued in relation to the matter or, if no such notice is issued, a final closure notice is issued].]

Textual Amendments

F1 Ss. 12ZA-12ZN and cross-heading inserted (with effect in accordance with Sch. 7 para. 60 of the amending Act) by Finance Act 2015 (c. 11), Sch. 7 para. 43

F2 Words in s. 12ZN(1) substituted (with effect in accordance with Sch. 15 para. 44 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 15 para. 6(2)

F3 Words in s. 12ZN(3) inserted (with effect in accordance with Sch. 15 para. 44 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 15 para. 6(3)(a)

F4 Words in s. 12ZN(3)(a) substituted (with effect in accordance with Sch. 15 para. 44 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 15 para. 6(3)(b)

F5 Words in s. 12ZN(3)(b) substituted (with effect in accordance with Sch. 15 para. 44 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 15 para. 6(3)(c)

F6 Words in s. 12ZN(4) inserted (with effect in accordance with Sch. 15 para. 44 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 15 para. 6(4)(a)

F7 Words in s. 12ZN(4) substituted (with effect in accordance with Sch. 15 para. 44 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 15 para. 6(4)(b)