40 Assessment on personal representatives.U.K.
(1)For the purpose of the charge of tax on the executors or administrators of a deceased person in respect of the income, or chargeable gains, which arose or accrued to him before his death, the time allowed by section 34, 35 or 36 above shall in no case extend beyond the end of [F1the period of three years beginning with the 31st January next following the year of assessment] in which the deceased died.
(2)F2... , for the purpose of making good to the Crown any loss of tax attributable to the [F3fraudulent or negligent conduct] of a person who has died, an assessment on his personal representatives to tax for any year of assessment ending not earlier than six years before his death may be made at any time before the end of [F1the period of three years beginning with the 31st January next following the year of assessment] in which he died.
(3)In [F4this section] “tax” means income tax or capital gains tax .
[F5(4)Any act or omission such as is mentioned in section 98B below, on the part of a grouping (as defined in that section) or member of a grouping shall be deemed for the purposes of subsection (2) above to be the act or omission of each member of the grouping.]
F6(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F6(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Words in s. 40(1)(2) substituted (with effect in accordance with s. 199(2)(3) of the amending Act) by Finance Act 1994 (c. 9), Sch. 19 para. 12; S.I. 1998/3173, art. 2
F2 Words repealed by Finance Act 1989 s. 187and Sch. 17 Part VIII.
F3Finance Act 1989 s. 149 para. (4)(a)(ii) but not to affect making of assessments before 1983-84or for accounting periods ending before 1April 1983.Previously
“fraud, wilful default or neglect”.
F4 Words in s. 40(3) substituted by Finance Act 1985 (c. 54), s. 93(7), Sch. 25 para. 5
F5S. 40(4) inserted (with effect on and after 1 July 1989) by Finance Act 1990 (c. 29), s. 69, Sch. 11 para. 4(2).
F6 S. 40(4)(5) added by Development Land Tax Act 1976 Sch. 8 para. 9; Development Land Tax Act 1976 repealed by Finance Act 1985 s. 98(6), Sch. 27 Part X.
Modifications etc. (not altering text)
C1S. 40 modified (27.7.1993) by 1993 c. 34, s. 173, Sch. 19 Pt. I para. 8
C2S. 40(1)(2) applied (with modifications) (19.4.1991 for the year of assessment 1988-89) by S. I. 1991/851, regs. 1, 3(2), Sch. 1
S. 40(1)(2) extended (with modifications) (28.3.1992 for the year of assessment 1989-90) by S.I. 1992/511, regs. 1,3, Sch. 1
C3S. 40(1)(2) 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
C4S. 40(1)(2) applied (with modifications) (with effect in accordance with reg. 1(1) of the amending S.I.) by The Lloyds Underwriters (Tax) (1991-92) Regulations 1994 (S.I. 1994/728), reg. 3(2), Sch. 1
C5S. 40(1)(2) modified (with effect in accordance with reg. 6(3) of the amending S.I.) by The Lloyds Underwriters (Tax) (199293 to 199697) Regulations 1995 (S.I. 1995/352), regs. 1(1), 6(1)(2)
C6S. 40(1)(2) modified (with effect in accordance with reg. 7(3) of the amending S.I.) by The Lloyds Underwriters (Tax) (199293 to 199697) Regulations 1995 (S.I. 1995/352), regs. 1(1), 7(1)(2)
C7 See Finance (No. 2) Act 1987 s. 84(7)—nothing in ss. 34 to 40applies to assessments made under Finance (No. 2) Act 1987 s. 84.
C8 See Finance Act 1988 (c. 39) Sch. 5 para. 9—underwriter's agent.