SCHEDULE 18 Overdue tax and excessive payments by the Board
The Taxes Act 1988
11
(1)
Schedule 14 to the Taxes Act 1988 (life assurance premium relief: provisions ancillary to section 266) shall be amended in accordance with the following provisions of this paragraph.
(2)
In paragraph 6(2) (which provides for the application of the M1Taxes Management Act 1970 to an assessment under paragraph 6 of that Schedule as if it were an assessment to tax for the year of assessment in which the relief was given and as if certain other things were the case) the words from “and as if” onwards shall be omitted.
(3)
In paragraph 7(3) (which applies specified provisions of the Taxes Management Act 1970 to the payment of a sum claimed under section 266(5)(b))—
(a)
“(a)
section 29(1)(c) (excessive relief) as it has effect apart from section 29(2) to (10) of that Act;”;
(b)
in paragraph (b)
(which applies section 30 of the Taxes Management Act 1970) after the words in parentheses there shall be inserted “
apart from subsection (1B)
”
;
(c)
in paragraph (c)
(which applies section 88 of the Taxes Management Act 1970) for “section 88” there shall be substituted “
section 86
”
; and
(d)
“shall apply in relation to an amount which is paid to any person by the Board as an amount recoverable by virtue of section 266(5)(b) but to which that person is not entitled as if it were income tax which ought not to have been repaid and, where that amount was claimed by that person, as if it had been repaid as respects a chargeable period as a relief which was not due.”
(4)
“(4)
In the application of section 86 of the Management Act by virtue of sub-paragraph (3) above in relation to sums due and payable by virtue of an assessment made for the whole or part of a year of assessment (“the relevant year of assessment”) under section 29(1)(c) or 30 of that Act, as applied by that sub-paragraph, the relevant date—
(a)
is 1st January in the relevant year of assessment in a case where the person falling within section 266(5)(b) has made a relevant interim claim; and
(b)
in any other case, is the later of the following dates, that is to say—
(i)
1st January in the relevant year of assessment; or
(ii)
the date of the making of the payment by the Board which gives rise to the assessment.
(5)
In this paragraph—
“financial year”, in relation to any person, means a financial year of that person for the purposes of the relevant regulations;
“interim claim” means an interim claim within the meaning of the relevant regulations;
“relevant interim claim” means, in relation to an assessment made for a period coterminous with, or falling wholly within, a person’s financial year, an interim claim made for a period falling wholly or partly within that financial year;
“the relevant regulations” means regulations made under sub-paragraph (1) above.”