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(1)For section 205 of the Taxes Act 1988 there shall be substituted the following section—
(1)Subject to the provisions of this section, no assessment need be made in respect of income assessable to income tax for any year of assessment if the income has been taken into account in the making of deductions or repayments of income tax by virtue of regulations made under section 203.
(2)Subsection (1) above does not apply if the total net tax deducted in the year in question from the income is not the same as it would have been if—
(a)all the relevant circumstances had been known to all parties throughout the year;
(b)deductions and repayments had throughout the year been made accordingly; and
(c)the deductions and repayments had been so made by reference to cumulative tax tables.
(3)Nothing in this section shall be construed as preventing an assessment (whether under section 9 of the Management Act or otherwise) being made in respect of income assessable to income tax for any year of assessment.
(4)A person as regards whose income for a year of assessment deductions or repayments have been made may by notice, given not later than five years after the 31st October next following that year, require an officer of the Board to give him notice under section 8 of that Act in respect of that year.
(5)In this section—
(a)“cumulative tax tables” means tax tables prepared under section 203 which are so framed as to require the tax which is to be deducted or repaid on the occasion of each payment made in the year to be ascertained by reference to a total of emoluments paid in the year up to the time of making that payment; and
(b)any reference to the total net tax deducted shall be construed as a reference to the total income tax deducted during the year by virtue of regulations made under section 203, less any income tax repaid by virtue of any such regulations.”
(2)In section 206 of that Act (additional provision for certain assessments) the words “under Schedule E” shall cease to have effect.
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