Assessments: time limitsU.K.
26(1)Subject to the following provisions of this paragraph, an assessment under—U.K.
(a)any provision of section 56 of this Act, or
(b)paragraph 25 above,
shall not be made more than [F14 years after the relevant event] .
[F2(1A)In this paragraph “the relevant event”, in relation to an assessment, means—
(a)the end of the accounting period concerned, or
(b)in the case of an assessment under paragraph 25 of an amount due by way of a penalty other than a penalty referred to in paragraph 25(2), the event giving rise to the penalty.]
(2)An assessment under paragraph 25 above of—
(a)an amount due by way of any penalty referred to in sub-paragraph (2) of that paragraph, or
(b)an amount due by way of interest,
may be made at any time before the expiry of the period of two years beginning with the time when the amount of tax due for the accounting period concerned has been finally determined.
(3)In relation to an assessment under paragraph 25 above, any reference in [F3sub-paragraph (1A) ]or (2) above to the accounting period concerned is a reference to that period which, in the case of the penalty or interest concerned, is the relevant period referred to in sub-paragraph (2) of that paragraph.
[F4(4)An assessment of an amount due from a person in a case involving a loss of tax—
(a)brought about deliberately by the person (or by another person acting on that person's behalf), or
(b)attributable to a failure by the person to comply with an obligation under section 53(1) or (2) or 53AA(1) or (3),
may be made at any time not more than 20 years after the relevant event.
(5)In sub-paragraph (4)(a) the reference to a loss brought about deliberately by the person includes a loss brought about as a result of a deliberate inaccuracy in a document given to Her Majesty's Revenue and Customs by or on behalf of that person.]
Textual Amendments
F1Words in Sch. 7 para. 26(1) substituted (1.4.2010) by Finance Act 2009 (c. 10), s. 99(2), Sch. 51 para. 4(2); S.I. 2010/867, art. 2(1) (with art. 5)
F2Sch. 7 para. 26(1A) inserted (1.4.2010) by Finance Act 2009 (c. 10), s. 99(2), Sch. 51 para. 4(3); S.I. 2010/867, art. 2(1) (with art. 5)
F3Sch. 7 para. 26(4)(5) substituted (1.4.2010) for Sch. 7 para. 26(4) by Finance Act 2009 (c. 10), s. 99(2), Sch. 51 para. 4(5); S.I. 2010/867, art. 2(1) (with art. 5)
F4Words in Sch. 7 para. 26(3) substituted (1.4.2010) by Finance Act 2009 (c. 10), s. 99(2), Sch. 51 para. 4(4); S.I. 2010/867, art. 2(1) (with art. 5)