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Version Superseded: 29/04/1996
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Taxes Management Act 1970, Section 12AB is up to date with all changes known to be in force on or before 11 September 2024. 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.
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[F2(1)Every return under section 12AA of this Act shall include a statement (a partnership statement) of the following amounts, namely—
(a)in the case of each period of account ending within the period in respect of which the return is made—
(i)the amount of income or loss from each source which, on the basis of the information contained in the return and taking into account any relief or allowance a section 42(7) claim for which is included in the return, has accrued to or has been sustained by the partnership for that period,
(ii)each amount of income tax which, on that basis, has been deducted or treated as deducted from any income of the partnership, or treated as paid on any such income, for that period,
(iii)the amount of each tax credit which, on that basis, has accrued to the partnership for that period, and
(iv)the amount of each charge which, on that basis, was a charge on the income of the partnership for that period; and
(b)in the case of each such period and each of the partners, the amount which, on that basis and (where applicable) taking into account any such relief or allowance, is equal to his share of that income, loss, tax, credit or charge.]
(2)Subject to subsection (3) below—
(a)at any time before the end of the period of nine months beginning with the day on which a person’s return is delivered, an officer of the Board may by notice to that person so amend that person’s partnership statement as to correct any obvious errors or mistakes in the return (whether errors of principle, arithmetical mistakes or otherwise); and
(b)at any time before the end of the period of twelve months beginning with the filing date, a person may by notice to an officer of the Board so amend his partnership statement as to give effect to any amendments to his return which he has notified to such an officer.
(3)No amendment of a partnership statement may be made under subsection (2) above at any time during the period—
(a)beginning with the day on which an officer of the Board gives notice of his intention to enquire into the return, and
(b)ending with the day on which the officer’s enquiries into the return are completed.
(4)Where a partnership statement is amended under subsection (2) above, the officer shall by notice to the partners so amend their self-assessments under section 9 or 11AA of this Act as to give effect to the amendments of the partnership statement.
(5)In this section—
“filing date” means the day specified in the notice under subsection (2) or, as the case may be, subsection (3) of section 12AA of this Act;
“period of account”, in relation to a partnership, means any period for which accounts are drawn up;
[F3“section 42(7) claim” means a claim under any of the provisions mentioned in section 42(7) of this Act;]
[F3“tax credit” means a tax credit to which section 231 of the principal Act applies].]
Textual Amendments
F1S. 12AB inserted (with effect in accordance with s. 199(2)(3) of the amending Act) by Finance Act 1994 (c. 9), s. 185; S.I. 1998/3173, art. 2
F2S. 12AB(1) substituted (with effect in accordance with s. 103(7) of the amending Act) by Finance Act 1995 (c. 4), s. 104(7)
F3Words in s. 12AB(5) inserted (with effect in accordance with s. 103(7) of the amending Act) by Finance Act 1995 (c. 4), s. 104(8)
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