Assessment to recover excessive F1... reliefU.K.
Textual Amendments
F1Word in Sch. 18 para. 76 cross-heading omitted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by virtue of Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 121(2)
76(1)If [F2an officer of Revenue and Customs] [F3discovers] that any F4... relief which has been given is or has become excessive, [F3he] may make an assessment to tax in the amount which in [F3his] opinion ought to be charged.U.K.
(2)This power is without prejudice to—
(a)the power to make a discovery assessment under paragraph 41(1);
(b)the making of all such adjustments by way of discharge or repayment of tax or otherwise as may be required where a claimant company has obtained too much relief, or a surrendering company has forgone relief in respect of a corresponding amount.
F5[(3)If an assessment under this paragraph is made because a claimant company fails, or is unable, to amend its company tax return under paragraph 75(6), the assessment is not out of time if it is made within one year from—
(a)the date on which the surrendering company gives notice of the withdrawal of consent, or (if later) sends a copy of a new notice of consent, to the claimant company under paragraph 75(3), or
(b)the date on which [F2an officer of Revenue and Customs] [F3sends] the claimant company a copy of a notice containing [F3his] directions under paragraph 75(4).]
Textual Amendments
F2Words 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)
F3Words in Sch. 18 substituted (18.4.2005) by virtue of Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 68(c); S.I. 2005/1126, art. 2(2)(h)
F4Word in Sch. 18 para. 76(1) omitted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by virtue of Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 121(3)
F5Sch. 18 para. 76(3) added (27.7.1999 with effect in relation to accounting periods ending on or after 1.7.1999) by 1999 c. 16, s. 92(4)(7)
Modifications etc. (not altering text)
C1Sch. 18 para. 76 applied (with modifications) (31.3.2001 with effect as mentioned in reg. 1(2) of the amending S.I.) by S.I. 2001/1163, regs. 1, 8