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10Schedule 16 to the Taxes Act 1988 (collection of income tax on company payments which are not distributions) shall be amended in accordance with the following provisions of this Part of this Schedule.
11In paragraph 4(2) (cases where the inspector may make an assessment)—
(a)for “the inspector”, where first occurring, there shall be substituted “an officer of the Board”; and
(b)for “or if the inspector is dissatisfied with any return, he may” there shall be substituted “or if an officer of the Board is of the opinion that a return is incorrect, any such officer may”.
12After paragraph 7 there shall be inserted—
7A(1)If a company becomes aware—
(a)that anything which ought to have been included in a return made by it under this Schedule for any period has not been so included,
(b)that anything which ought not to have been included in a return made by it under this Schedule for any period has been so included, or
(c)that any other error has occurred in a return made by it under this Schedule for any period,
it shall forthwith supply to the collector an amended return for that period.
(2)The duty imposed by sub-paragraph (1) above is without prejudice to any duty that may also arise under paragraph 7A of Schedule 13.
(3)Where an amended return is supplied under this paragraph, all such assessments, adjustments, set-offs or payments or repayments of tax shall be made as may be required for securing that the resulting liabilities to tax (including interest on unpaid or overpaid tax) whether of the company or any other person are the same as they would have been if a correct return had been made.”
13In paragraph 8 (power of inspector to make assessments etc where items are included in returns under the Schedule in error) for “the inspector” there shall be substituted “an officer of the Board”.
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