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Finance Act 1998

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Changes over time for: Paragraph 31

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Version Superseded: 18/04/2005

Status:

Point in time view as at 28/07/2000.

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 1998, Paragraph 31. Help about Changes to Legislation

31(1)This paragraph applies if a company amends its company tax return at a time when an enquiry is in progress into the return.U.K.

(2)The amendment does not restrict the scope of the enquiry but may be taken into account (together with any matters arising) in the enquiry.

(3)So far as the amendment affects—

(a)the amount stated in the company’s self-assessment as the amount of tax payable, or

(b)any amount that affects or may affect—

(i)the tax payable by the company for another accounting period, or

(ii)the tax liability of another company for any accounting period,

it does not take effect until after the enquiry is completed.

This does not affect any claim by the company under section 59DA of the M1Taxes Management Act 1970 (claim for repayment in advance of liability being established).

(4)An amendment whose effect is deferred under sub-paragraph (3) takes effect as follows—

(a)if the conclusions in the closure notice state either—

(i)that the amendment was not taken into account in the enquiry, or

(ii)that no amendment of the return is required arising from the enquiry,

the amendment takes effect on the completion of the enquiry;

(b)in any other case, the amendment shall be taken into account by the company in amending its return to accord with the conclusions stated in the closure notice and takes effect accordingly as part of those amendments.

(5)For the purposes of this paragraph the period during which an enquiry is in progress is the whole of the period—

(a)beginning with the day on which the Inland Revenue give notice of enquiry into the return, and

(b)ending with the day on which the enquiry is completed.

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