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Finance Act 1998
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- UK Public General Acts
- 1998 c. 36
- SCHEDULE 18
- Part V
- Restrictions on power to...
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Changes over time for: Cross Heading: Restrictions on power to make discovery assessment or determination
Version Superseded: 19/07/2006
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Point in time view as at 19/02/2008.
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There are currently no known outstanding effects for the Finance Act 1998, Cross Heading: Restrictions on power to make discovery assessment or determination.
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Restrictions on power to make discovery assessment or determinationU.K.
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, after any enquiries have been completed into the return, a notice under section 804ZA of the Taxes Act 1988 [F2or section 184G or 184H of the Taxation of Chargeable Gains Act 1992] [F3or section 24 or 26 of the Finance (No. 2) Act 2005].]
(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.
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) inserted (with effect in accordance with s. 71(4) of the amending Act) by Finance Act 2006 (c. 25), s. 71(3)
F3Words in Sch. 18 para. 42(2A) inserted (with effect in accordance with s. 31 of the amending Act) by Finance (No. 2) Act 2005 (c. 22), s. 29(2)
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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