Taxes Management Act 1970

34 Ordinary time limit of six years. [1952 ss.47(1)(3), 229(3); 1965 Sch.X 1(1); 1966 Sch.V1 7.] U.K.

(1) Subject to the following provisions of this Act, and to any other provisions of the Taxes Acts allowing a longer period in any particular class of case, an assessment to tax may be made at any time not later than six years after the end of the chargeable period F1 F2 to which the assessment relates . . . F3 F4 .

(2) An objection to the making of any assessment on the ground that the time limit for making it has expired shall only be made on an appeal against the assessment.

Textual Amendments

F1 For modification in relation to petroleum revenue tax and supplementary petroleum duty seeOil Taxation Act 1975 s.1andSch.2 para.1(1)—Oil Taxation Acts.

F2 For modification see S.I. 1974 No. 896 regn.4(2) (inPart III Vol.5) regn. 4(2)in relation to Lloyd's Underwriters.

F3 Words relating to development land tax added byDevelopment Land Tax Act 1976 (c. 24) Sch.8 para.6. Development Land Tax Act 1976 repealed byFinance Act 1985 s.98(6)andSch.27 Part X.

F4 See—Income and Corporation Taxes Act 1970 (c. 10, SIF 63:1) ss.278(6)and279(5)—adjustments when company ceases to be a member of a group.Income and Corporation Taxes Act 1970 (c. 10, SIF 63:1) s.280(6)—adjustments consequential on depreciatory transaction within a group of companies.Finance (No. 2) Act 1987 s. 84(7)—nothing in ss. 34to 40applies to assessments made under Finance (no. 2) Act 1987 s. 84Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) s. 12—assessments to corporation tax consequential on determination of accounting period. Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) s. 41(1)—rent etc., received after lost rent relief allowed. Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) s. 67(7)and (8)—adjustments in respect of sources of income chargeable to income tax under Sch. D Case III, IVor V,which are disposed of or cease to yield income. Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) s. 108—receipts accruing after discontinuance of trade, etc. Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) s. 448and 806—adjustments in respect of double taxation relief. Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) s. 455(4)—assessments in respect of sums paid into special reserve funds by underwriters who have died. Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) s. 488—adjustments on revocation of direction under that section (co-operative housing associations). Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) s. 535—assessments consequential on claims under that section (copyright sold after ten years). Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) ss. 569and 572—repayment of amounts paid under schemes for rationalizing industry or statutory redundancy schemes. Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) s. 584(2)—adjustments in respect of overseas profits ceasing to be unremittable. Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) s. 585—adjustments in respect of delayed remittances of overseas income. Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) s. 700—adjustments on completion of administration of deceased person's estate. Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) s. 703—cancellation of tax advantages from certain transactions in securities. Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) s. 781—cancellation of certain reliefs for payments under leases of plant, etc.Capital Allowances Act 1990 (c. 1, SIF 63:1) s. 1(8), (9)—withdrawal of initial allowance where investment grant made.S.I. 1956 No. 1230 (in Part III Vol. 5) regns.18and21—adjustments in respect of purchased life annuities.S.I. 1989 No. 421, Schedule (in Part III Vol. 5)modifications for underwriters for 1986-87.S.I. 1990 No. 627, regn. 3(2)and Schedule (in Part III Vol. 5)—modification for underwriters for 1987-88.Transport Act 1962 (10 & 11 Eliz. 2 c.46) s.42(2)—adjustments of capital allowances in consequence of directions under s.40(3) of that Act.

Modifications etc. (not altering text)

C1 S. 34 excluded (6.3.1992 with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 248(2), 289 (with ss. 60, 101(1), 171, 201(3))

S. 34 modified (16.7.1992) by Income and Corporation Taxes Act 1988 (c. 1), Sch. 3 para. 6E (which was inserted (16.7.1992 having effect in relation to transactions effected on or after 1.10.1992) by Finance (No. 2) Act 1992 (c. 48), s. 63, Sch. 11 paras. 2(2), 6)

C2 S. 34(1) applied (with modification) (19.4.1991) for the assessment year 1988-1989 by S.I. 1991/851, regs. 1, 3(2), Sch. 1

S. 34(1) extended (with modifications) (28.3.1992) for the year of assessment 1989-90 by S.I. 1992/511, regs. 1,3, Sch. 1

C3 S. 34(1) applied (with modifications) (23.3.1993 with effect for the year of assessment 1990-91 only) by S.I. 1993/415, regs. 1(1), 3(2), Sch.1