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Changes over time for: Paragraph 46
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Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 17/07/2014
Status:
Point in time view as at 01/04/2010.
Changes to legislation:
There are currently no known outstanding effects for the Finance Act 1998, Paragraph 46.
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Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
46(1)Subject to any provision of the Taxes Acts allowing a longer period in any particular class of case no assessment may be made more than [4 years] after the end of the accounting period to which it relates.U.K.
[(2)An assessment in a case involving a loss of tax brought about carelessly by the company (or a related person) may be made at any time not more than 6 years after the end of the accounting period to which it relates (subject to sub-paragraph (2A) and to any other provision of the Taxes Acts allowing a longer period).
(2A)An assessment in a case involving a loss of tax—
(a)brought about deliberately by the company (or a related person),
(b)attributable to a failure by the company to comply with an obligation under paragraph 2, or
(c)attributable to arrangements in respect of which the company has failed to comply with an obligation under section 309, 310 or 313 of the Finance Act 2004 (obligation of parties to tax avoidance schemes to provide information to Her Majesty's Revenue and Customs),
may be made at any time not more than 20 years after the end of the accounting period to which it relates (subject to any provision of the Taxes Acts allowing a longer period).
(2B)In this paragraph “related person”, in relation to a company, means—
(a)a person acting on behalf of the company, or
(b)a person who was a partner of the company at the relevant time.]
(3)Any objection to the making of an assessment on the ground that the time limit for making it has expired can only be made on an appeal against the assessment.
Textual Amendments
Modifications etc. (not altering text)
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