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Finance Act 1998, Paragraph 42 is up to date with all changes known to be in force on or before 17 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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42(1)The power to make—U.K.
(a)a discovery assessment for an accounting period for which the company has delivered a company tax return, or
(b)a discovery determination,
is only exercisable in the circumstances specified in paragraph 43 or 44 and subject to paragraph 45 below.
(2)Those restrictions do not apply to an assessment or determination which only gives effect to a discovery determination duly made with respect to an amount stated in another company’s company tax return.
[F1(2A)Those restrictions, other than the restriction in paragraph 45, do not apply so far as regards any income or chargeable gains of the company in relation to which the company has been given, [F2a notice within sub-paragraph (4) after any enquiries have been completed into the return (so far as relating to the matters to which the notice relates)].]
(3)Any objection to a discovery assessment or determination on the ground that those paragraphs have not been complied with can only be made on an appeal against the assessment or determination.
[F3(4)A notice is within this sub-paragraph if it is—
(a)a notice under section 184G or 184H of the Taxation of Chargeable Gains Act 1992 (avoidance involving capital losses), [F4or]
(b)a notice under section 81(2) of TIOPA 2010 (schemes and arrangements designed to increase relief), F5...
F5(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ]
Textual Amendments
F1Sch. 18 para. 42(2A) inserted (with effect in accordance with s. 88(5) of the amending Act) by Finance Act 2005 (c. 7), s. 88(4)
F2Words in Sch. 18 para. 42(2A) substituted (with effect in accordance with Sch. 15 para. 44 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 15 para. 31
F3Sch. 18 para. 42(4) inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 321(5) (with Sch. 9 paras. 1-9, 22)
F4Word in Sch. 18 para. 42(4)(a) inserted (with effect in accordance with Sch. 10 para. 22(a) of the amending Act) by Finance Act 2016 (c. 24), Sch. 10 para. 4(a)
F5Sch. 18 para. 42(4)(c) and preceding word omitted (with effect in accordance with Sch. 10 para. 22(a) of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 10 para. 4(b)
Modifications etc. (not altering text)
C1Sch. 18 para. 41(2)-44 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), 7
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