Finance Act 1998

61 (1) Paragraphs 62 to 64 have effect to allow certain claims, elections, applications and notices to be made or given, or if previously given to be revoked or varied, where— U.K.

(a) an amendment of a company tax return is made under paragraph [F1 34(2A)] (amendments of other returns required in consequence of [F2 partial or final closure notice]) which has the effect of increasing the amount of tax payable by a company,

(b) a discovery assessment is made, or

(c) an assessment is made under paragraph 76 (recovery of excessive group relief [F3 or group relief for carried-forward losses]).

(2) Paragraphs 62 to 64 do not apply in relation to an assessment made in a case involving [F4 a loss of tax brought about carelessly or deliberately by]—

(a) the company, or

(b) a person acting on behalf of the company, or

(c) a person who was a partner of the company at the relevant time.

In such a case more limited provision is made by paragraph 65.

(3) In paragraphs 62 to 64 “the relevant accounting period”, in relation to the time limit for making a consequential claim, election, application or notice, means—

(a) in relation to an amendment of a company tax return under paragraph [F5 34(2A)], the accounting period in which the [F6 partial or final closure notice] was issued;

(b) in relation to an assessment, the accounting period in which the assessment was made.

Textual Amendments

F1 Word in Sch. 18 para. 61(1)(a) substituted (1.4.2010) by Finance Act 2008 (c. 9), s. 119(9)(13); S.I. 2009/405, art. 2

F2 Words in Sch. 18 para. 61(1)(a) 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. 33

F3 Words in Sch. 18 para. 61(1)(c) inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 108

F4 Words in Sch. 18 para. 61(2) substituted (1.4.2010) by Finance Act 2008 (c. 9), s. 118(2), Sch. 39 para. 46; S.I. 2009/403, art. 2(2) (with art. 10)

F5 Word in Sch. 18 para. 61(3)(a) substituted (1.4.2010) by Finance Act 2008 (c. 9), s. 119(9)(13); S.I. 2009/405, art. 2

F6 Words in Sch. 18 para. 61(3)(a) 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. 33