Finance Act 2008, Paragraph 42 is up to date with all changes known to be in force on or before 01 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
42(1)Paragraph 46 (general time limits for assessments) is amended as follows.U.K.
(2)In sub-paragraph (1), for “six years” substitute “ 4 years ”.
(3)For sub-paragraph (2) substitute—
“(2)An assessment in a case involving a loss of tax brought about carelessly by the company (or a related person) may be made at any time not more than 6 years after the end of the accounting period to which it relates (subject to sub-paragraph (2A) and to any other provision of the Taxes Acts allowing a longer period).
(2A)An assessment in a case involving a loss of tax—
(a)brought about deliberately by the company (or a related person),
(b)attributable to a failure by the company to comply with an obligation under paragraph 2, or
(c)attributable to arrangements in respect of which the company has failed to comply with an obligation under section 309, 310 or 313 of the Finance Act 2004 (obligation of parties to tax avoidance schemes to provide information to Her Majesty's Revenue and Customs),
may be made at any time not more than 20 years after the end of the accounting period to which it relates (subject to any provision of the Taxes Acts allowing a longer period).
(2B)In this paragraph “related person”, in relation to a company, means—
(a)a person acting on behalf of the company, or
(b)a person who was a partner of the company at the relevant time.”
Commencement Information
I1Sch. 39 para. 42 in force at 1.4.2010 for the purposes of the amendments made by that paragraph by S.I. 2009/403, art. 2(2) (with art. 10)
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