Finance Act 1998

62 (1) A claim, election, application or notice to which this paragraph applies—

(a) may be made or given at any time within one year from the end of the relevant accounting period, or

(b) if previously made or given may at any such time be revoked or varied—

(i) in the same manner as it was made or given, and

(ii) by or with the consent of the same person or persons who made, gave or consented to it (or, if a person has died, by or with the consent of his personal representatives),

unless, by virtue of any enactment, it is irrevocable.

(2) This paragraph applies to a claim, election, application or notice—

(a) relating to the accounting period in respect of which the amendment or assessment is made, or

(b) made or given by reference to an event occurring in that period,

whose making, giving, revocation or variation has or could have the effect of reducing a relevant liability of the company.

(3) The following are relevant liabilities of the company for this purpose—

(a) the increased liability to tax resulting from the amendment or assessment;

(b) any other liability to tax of the company—

(i) for the accounting period to which the amendment or assessment relates, or

(ii) for any subsequent accounting period ending not later than one year after the end of the relevant accounting period.

(4) Where a claim, election, application or notice is made, given, revoked or varied by virtue of this paragraph, all such adjustments shall be made, whether by way of discharge or repayment of tax or the making of amendments, assessments or otherwise, as are required to take account of the effect of the taking of that action on any person’s liability to tax for any chargeable period.

(5) The provisions of the [1970 c. 9.] Taxes Management Act 1970 relating to appeals against decisions on claims apply with any necessary modifications to a decision on the revocation or variation of a claim by virtue of this paragraph.

(6) This paragraph has effect subject to—

• paragraph 63 (consequential claims etc. affecting tax liability of another person), and

• paragraph 64 (consequential claims etc. not to give rise to reduction in liability).