Search Legislation

Finance Act 1998

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Paragraph 40

 Help about opening options

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 1998, Paragraph 40. Help about Changes to Legislation

40(1)If after a determination has been made under paragraph 36—U.K.

(a)the company delivers a company tax return for a period ending in or at the end of the period specified in the notice requiring a company tax return, and

(b)the period is, or is treated in the return as, an accounting period,

the self-assessment included in that return supersedes the determination or, if there is more than one, the determination for the period which is, or most closely approximates to, the period for which the return is made.

(2)If after a determination has been made under paragraph 37—

(a)the company delivers a further company tax return for a period ending in or at the end of the period specified in the notice requiring a company tax return, and

(b)the period is, or is treated in the return as, an accounting period,

the self-assessment included in that return supersedes the determination.

(3)Sub-paragraphs (1) and (2) do not apply to a return made—

(a)more than [F13 years] after the day on which the power to make the determination first became exercisable (see paragraph 36(2) or 37(2)), or

(b)more than twelve months after the date of the determination,

whichever is the later.

(4)Where—

(a)[F2proceedings have been begun] for the recovery of any tax charged by a determination under paragraph 36 or 37, and

(b)before the proceedings are concluded the determination is superseded by a self-assessment,

the proceedings may be continued as if they were proceedings for the recovery of so much of the tax charged by the self-assessment as is due and payable and has not been paid.

[F3(5)Where—

(a)action is being taken under Part 1 of Schedule 8 to the Finance (No. 2) Act 2015 (enforcement of deduction from accounts) for the recovery of an amount (“the original amount”) of any tax charged by a determination under paragraph 36 or 37, and

(b)before that action is concluded, the determination is superseded by a self-assessment,

that action may be continued as if it were action for the purposes of the recovery of so much of the tax charged by the self-assessment as is due and payable, has not been paid and does not exceed the original amount.]

Textual Amendments

F1Words in Sch. 18 para. 40(3) substituted (1.4.2010) by Finance Act 2008 (c. 9), s. 118(2), Sch. 39 para. 40; S.I. 2009/403, art. 2(2) (with art. 10)

F2Words in Sch. 18 para. 40(4) substituted (11.5.2001 with application as mentioned in Sch. 29 para 17(3) of the amending Act) by 2001 c. 9, s. 88, Sch. 29 para. 17(2)

F3Sch. 18 para. 40(5) inserted (18.11.2015) by Finance (No. 2) Act 2015 (c. 33), Sch. 8 para. 40

Modifications etc. (not altering text)

C1Sch. 18 para. 40 applied (with modifications) (with effect in accordance with reg. 1(2) of the amending S.I.) by The Lloyds Underwriters (Tax) Regulations 2005 (S.I. 2005/3338), regs. 1(1), 6

Back to top

Options/Help