[F1284B Provisions supplementary to section 284A.U.K.
F2(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2)The total amount of chargeable gains that are treated as accruing to any person under subsection (3) of section 284A in respect of any such benefit as is referred to in that subsection shall not exceed the amount of that benefit.
(3)Where, after any assessment to tax has been made on the basis that any chargeable gain is treated as having accrued to any person under section 284A(3)—
(a)the person assessed, within any of the periods allowed by subsection (4) below, gives an indication for the purposes of section 284A(8), or
(b)a final determination of the original taxpayer’s liability to tax for the first chargeable period is made on the basis that the original taxpayer did not, or was not entitled to, rely on the concession in question,
all such adjustments shall be made (whether by way of assessment, amendment of an assessment, repayment of tax or otherwise) as are necessary to secure that no person is subjected to any greater liability by virtue of section 284A(3) than he would have been had the indication been given, or the final determination made, before the making of the assessment.
(4)The periods allowed by this subsection are—
(a)the period of twelve months beginning with the making of the assessment;
(b)the period within which the person is entitled to amend his self-assessment or company tax return for the chargeable period in which the chargeable gain under section 284A(3) is treated as having accrued to him;
(c)where the person makes a claim for any further relief against the amount that may be recouped from him by virtue of his indication under section 284A(8), the period allowed for making that claim.
(5)Subsection (3) above has effect notwithstanding any time limits relating to the making or amendment of an assessment for any chargeable period.]
Textual Amendments
F1Ss. 284A, 284B inserted (with effect in accordance with s. 76(2) of the amending Act) by Finance Act 1999 (c. 16), s. 76(1)
F2S. 284B(1) omitted (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 44