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Finance Act 1998, Cross Heading: Correction of return by Revenue 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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16(1)[F1An officer of Revenue and Customs] may amend a company tax return so as to correct[F2—U.K.
(a)]obvious errors or omissions in the return (whether errors of principle, arithmetical mistakes or otherwise)[F3, and
(b)anything else in the return that the officer has reason to believe is incorrect in the light of information available to the officer].
(2)A correction under this paragraph is made by notice to the company concerned.
(3)No such correction may be made more than nine months after—
(a)the day on which the return was delivered, or
(b)if the correction is required in consequence of an amendment by the company under paragraph 15, the day on which that amendment was made.
(4)A correction under this paragraph is of no effect if the company—
(a)amends its return so as to reject the correction, or
(b)after the end of the period within which it may amend its return, but within three months from the date of issue of the notice of correction, gives notice rejecting the correction.
(5)Notice under sub-paragraph (4)(b) must be given—
(a)in writing,
(b)to the officer of the Board by whom notice of the correction was given.
Textual Amendments
F1Words in Sch. 18 substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 68(a); S.I. 2005/1126, art. 2(2)(h)
F2Word in Sch. 18 para. 16(1) inserted (1.4.2010) by Finance Act 2008 (c. 9), s. 119(4)(a)(13); S.I. 2009/405, art. 2
F3Words in Sch. 18 para. 16(1) inserted (1.4.2010) by Finance Act 2008 (c. 9), s. 119(4)(b)(13); S.I. 2009/405, art. 2
Modifications etc. (not altering text)
C1Sch. 18 para. 16 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), 5
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