Taxes Management Act 1970

43 Time limit for making claims. U.K.

[F1 (1) Subject to any provision of the Taxes Acts prescribing a longer or shorter period, no claim for relief in respect of income tax or capital gains tax may be made more than five years after the 31st January next following the year of assessment to which it relates.]

(2) A claim (including a supplementary claim) which could not have been allowed but for the making of an assessment to income tax or capital gains tax after the year of assessment to which the claim relates may be made at any time before the end of the year of assessment following that in which the assessment was made.

F2 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 S. 43(1) substituted (with effect in accordance with s. 117(4)(5) of the amending Act) by Finance Act 1998 (c. 36), Sch. 19 para. 21; S.I. 1998/3173, art. 2

F2 S. 43(3) added by Development Land Tax Act 1976 (c. 24) Sch. 8 para. 12. Development Land Tax Act 1976 repealed by Finance Act 1985 (c.54), s. 98(6), Sch. 27 Part X.

Modifications etc. (not altering text)

C1 S. 43(1) applied (with modifications) by Finance Act 1981 (c. 35), s. 134, Sch. 17 para. 18 (special tax on banking deposits).

S. 43 applied by Income and Corporation Taxes Act 1988 (c. 1), Sch. 26 (claim for relief under Sch. 26 where the chargeable profits of a controlled foreign company are apportioned to a company resident in the UK).

C2 S. 43 modified (27.7.1993) by Finance Act 1993 c. 34, s. 194(4) (repealed by 2010 c. 8, Sch. 8 para. 49, Sch. 10 Pt. 1)

C3 S. 43(1) modified for the year of assessment 1986–87 by The Lloyd’s Underwriters (Tax) Regulations 1989 (S.I. 1989/421), Schedule

S. 43(1) modified for the year of assessment 1987-88 by The Lloyd’s Underwriters (Tax) (1987—88) Regulations 1990 (S.I. 1990/627), reg. 3(2), Schedule

S. 43(1) modified (19.4.1991) for the year of assessment 1988-89 by The Lloyd’s Underwriters (Tax) (1988–89) Regulations 1991 (S.I. 1991/851), regs. 1, 9, Sch. 2

S. 43(1) modified (28.3.1992) for the year of assessment 1989-90 by The Lloyd’s Underwriters (Tax) (1989—90) Regulations1992 (S.I. 1992/511), reg. 9, Sch.2

C4 S. 43(1) applied (with modifications) (23.3.1993 with effect for the year of assessment 1990-91 only) by The Lloyd’s Underwriters (Tax) (1990–91) Regulations 1993 (S.I. 1993/415), regs. 1(1), 9, Sch.2

C5 S. 43(1) modified (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. 9, Sch. 2

C6 S. 43(1) modified (with effect in accordance with regs. 14(2), 15(2) of the amending S.I.) by The Lloyds Underwriters (Tax) (1992-93 to 1996-97) Regulations 1995 (S.I. 1995/352), regs. 1(1), 14(1), 15(1), Sch.