Income and Corporation Taxes Act 1988

12 Basis of, and periods for, assessment. U.K.

(1) F1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) F1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) F1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) F1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) F1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F2 (5A) F1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F3 (5B) F4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

(6) F1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7) F1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F5 (7ZA) F1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F6 (7A) F7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F8 (7B) F9 . . .

• F9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• F10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

[F11 [F12 (7C) F7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]]

(8) Where it appears to the inspector that the beginning or end of any accounting period of a company is uncertain, he may make an assessment on the company for such period, not exceeding 12 months, as appears to him appropriate, and that period shall be treated for all purposes as an accounting period of the company unless either—

(a) the inspector on further facts coming to his knowledge sees fit to revise it; or

(b) on an appeal against the assessment in respect of some other matter the company shows the true accounting periods;

and if on an appeal against an assessment made by virtue of this subsection the company shows the true accounting periods, the assessment appealed against shall, as regards the period to which it relates, have effect as an assessment or assessments for the true accounting periods, and there may be made such other assessments for any such periods or any of them as might have been made at the time when the assessment appealed against was made.

[F13 (9) F14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1 S. 12(1)-(7ZA) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 7, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

F2 S. 12(5A) inserted (with effect as mentioned in Sch. 4 para. 11(4) of the amending Act) by Finance Act 1996 (c. 8), s. 79, Sch. 24 para. 11(3)

F3 S. 12(5B) inserted (with effect in accordance with Sch. 41 para. 5(1) of the amending Act) by Finance Act 2003 (c. 14), Sch. 41 para. 1(3)

F4 S. 12(1)-(7ZA) repealed (with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 7, Sch. 3 Pt. 1 (with Sch. 2 Pt. 12)

F5 S. 12(7ZA) inserted (with effect in accordance with Sch. 41 para. 5(1) of the amending Act) by Finance Act 2003 (c. 14), Sch. 41 para. 1(5)

F6 S. 12(7A) inserted by Finance Act 1990 (c. 29), s.48, Sch.9 para.3 (in relation to transfers of business on or after 1.11.1990)

F7 S. 12(7A)(7C) omitted (19.2.2008 with effect in accordance with art. 1(2) of the repealing S.I.) by virtue of The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), arts. 1(1), 3

F8 S. 12(7B) inserted (with effect in accordance with art. 14(4) of the amending S.I.) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 14(3)

F9 S. 12(7B): words and definition of "contracts of long-term insurance" repealed (with effect in accordance with Sch. 10 para. 17(2) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 10 para. 14(2)(a), Sch. 27 Pt. 2(10), Note

F10 S. 12(7B): definition of "insurance business transfer scheme" repealed (with effect in accordance with Sch. 9 para. 17(1) of the repealing Act) by Finance Act 2007 (c. 11), Sch. 9 para. 1(2)(a), Sch. 27 Pt. 2(9), Note

F11 S. 12(7C) inserted (with effect in accordance with Sch. 9 para. 20(7) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 9 para. 20(3)

F12 S. 12(7C) substituted (with effect in accordance with Sch. 9 para. 17(1) of the amending Act) by Finance Act 2007 (c. 11), Sch. 9 para. 3(2)

F13 S. 12(9) inserted (with effect in accordance with Sch. 10 para. 2 of the amending Act) by Finance Act 2006 (c. 25), Sch. 10 para. 43(2)

F14 S. 12(9) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the repealing Act) by Corporation Tax Act 2009 (c. 4), Sch. 1 para. 7, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)