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Finance Act 1998, Part XI 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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88(1)This paragraph applies to an amount stated in a company tax return for an accounting period which is required to be included in the return and which affects or may affect—U.K.
(a)the tax payable by the company making the return for another accounting period, or
(b)the tax liability of another company for any accounting period.
(2)If such an amount can no longer be altered it is taken to be conclusively determined for the purposes of the Corporation Tax Acts in relation to that other period or other company.
Sub-paragraphs (3) to (5) explain what is meant by can no longer be altered.
(3)An amount is regarded as one that can no longer be altered if—
(a)the period specified in paragraph 15(4) (general period for amendment by company) has ended,
(b)any enquiry into the return has been completed F1... [F2(or is completed so far as relating to the matters to which the amount relates by the issue of a partial closure notice)] ,
(c)if [F3an officer of Revenue and Customs] [F4amends] the return under paragraph [F534], the period within which an appeal may be brought against that amendment has ended, and
(d)if an appeal is brought, the appeal has been finally determined.
(4)If the return is amended by the company under a provision that allows an amendment after the end of the period specified in paragraph 15(4), an amount affected by the amendment ceases to be regarded as one that can no longer be altered until after whichever is the last of the following—
(a)the end of the period within which notice of enquiry into the return may be given in consequence of the amendment;
(b)if such a notice is given, [F6the completion of the enquiry] [F7(or the completion of the enquiry so far as relating to the matters to which the amount relates by the issue of a partial closure notice)] ;
(c)if [F3an officer of Revenue and Customs] [F4amends] the return under paragraph [F834], the end of the period within which an appeal against that amendment may be brought;
(d)if an appeal is brought, the date on which the appeal is finally determined.
(5)If the return is amended by [F3an officer of Revenue and Customs] under paragraph 83(3) (consequential amendment of return where amount available by way of capital allowances is reduced), an amount affected by the amendment ceases to be regarded as one that can no longer be altered until after—
(a)the end of the period within which an appeal against that amendment may be brought, or
(b)if an appeal is brought, the date on which the appeal is finally determined.
(6)For the purposes of this paragraph an amount carried forward from a period for which a return was made under section 11 of the M1Taxes Management Act 1970 is not regarded as one required to be included in a company tax return for a later period.
(7)Nothing in this paragraph affects any power to make an assessment other than a self-assessment or the power to make a discovery determination.
[F9(8)Nothing in this paragraph affects a power of the company making the return to make a claim under paragraph 51 (claim for relief for overpaid tax).]
[F10(9)Nothing in this paragraph affects the operation of any provision of Part 10 of TIOPA 2010 (corporate interest restriction).]
Textual Amendments
F1Words in Sch. 18 para. 88(3)(b) omitted (1.4.2010) by virtue of Finance Act 2008 (c. 9), s. 119(10)(a)(13); S.I. 2009/405, art. 2
F2Words in Sch. 18 para. 88(3)(b) inserted (with effect in accordance with Sch. 15 para. 44 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 15 para. 34(2)
F3Words 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)
F4Words 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)
F5Word in Sch. 18 para. 88(3)(c) substituted (1.4.2010) by Finance Act 2008 (c. 9), s. 119(10)(b)(13); S.I. 2009/405, art. 2
F6Words in Sch. 18 para. 88(4)(b) substituted (1.4.2010) by Finance Act 2008 (c. 9), s. 119(10)(c)(13); S.I. 2009/405, art. 2
F7Words in Sch. 18 para. 88(4)(b) inserted (with effect in accordance with Sch. 15 para. 44 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 15 para. 34(3)
F8Word in Sch. 18 para. 88(4)(c) substituted (1.4.2010) by Finance Act 2008 (c. 9), s. 119(10)(d)(13); S.I. 2009/405, art. 2
F9Sch. 18 para. 88(8) inserted (with effect in accordance with s. 100(2) of the amending Act) by Finance Act 2009 (c. 10), Sch. 52 para. 16
F10Sch. 18 para. 88(9) inserted (with effect in accordance with Sch. 5 para. 25(1)(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 4
Modifications etc. (not altering text)
C1Sch. 18 para. 88(3)-(5) applied by Taxation (International and Other Provisions) Act 2010 (c. 8), Sch. 7A para. 4(6) (as inserted (with effect in accordance with Sch. 5 para. 25(1)(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 2 (with Sch. 5 para. 28))
Marginal Citations
Textual Amendments
F11Sch. 18 para. 88A and cross-heading inserted (12.2.2019) by Finance Act 2019 (c. 1), s. 82(2)
88A(1)The Commissioners for Her Majesty’s Revenue and Customs may by regulations make provision for and in connection with requiring the giving, by prescribed persons and in prescribed circumstances, of security for the payment of tax that a company is or may be liable to pay.U.K.
(2)Regulations under this paragraph must provide that security may be required only where an officer of Revenue and Customs considers it necessary for the protection of the revenue.
(3)Regulations under this paragraph must provide for a right of appeal against—
(a)decisions to require security to be given;
(b)decisions as to the amount, terms or duration of any security required.
(4)A person commits an offence if—
(a)the person fails to comply with a requirement to give security that is imposed by regulations under this paragraph, and
(b)the failure continues for such period as is prescribed.
(5)A person who commits an offence under sub-paragraph (4) is liable on summary conviction—
(a)in England and Wales, to a fine;
(b)in Scotland or Northern Ireland, to a fine not exceeding level 5 on the standard scale.
(6)In this paragraph—
“prescribed” means prescribed in regulations under this paragraph;
“security” includes further security.]
F1289U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F12Sch. 18 para. 89 repealed (1.4.2008 for specified purposes, 1.7.2008 for specified purposes, 1.1.2009 for specified purposes, 1.4.2009 in so far as not already in force) by Finance Act 2007 (c. 11), s. 97(2), Sch. 24 para. 29(c), Sch. 27 Pt. 5(5); S.I. 2008/568, art. 2(a)(b)(c)(d)(e)(f) (with art. 3) (see also S.I. 2009/56, Sch. 1 para. 265)
90(1)This paragraph applies where a company incurs more than one penalty whose amount falls to be determined by reference to the tax payable by it for an accounting period.U.K.
(2)Each penalty after the first shall be reduced so that the total amount of the penalties, so far as determined by reference to any particular part of the tax, does not exceed whichever is, or but for this paragraph would be, the greater or greatest of them, so far as so determined.
Textual Amendments
F13Words in Sch. 18 para. 91 heading inserted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 8(2)(a) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
91U.K.An act or omission such as is mentioned in section 98B of the M2Taxes Management Act 1970 ([F14UK Economic Interest Groupings and] European Economic Interest Groupings: acts or omissions attracting penalties) on the part of a grouping, or a member of a grouping, is treated as the act or omission of each member of the grouping for the purposes of—
paragraphs 43 and 46(2) (assessment in case of fraud or negligence), and
paragraphs 61(2) and 65(1) (consequential claims in case of such an assessment).
Textual Amendments
F14Words in Sch. 18 para. 91 inserted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 8(2)(b) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
Marginal Citations
92(1)This paragraph applies in relation to any appeal under this Schedule.U.K.
(2)The notice of appeal shall specify the grounds of appeal.
F15(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F15Sch. 18 para. 92(3) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 266
F1693U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F16Sch. 18 para. 93 omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 267
F1794U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F17Sch. 18 para. 94 omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 267
F1895U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F18Sch. 18 para. 95 repealed (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 68(b), Sch. 5; S.I. 2005/1126, art. 2(2)(h)(i)
96U.K.In this Schedule “the self-assessment appointed day” means the day appointed by the Treasury under section 199 of the M3Finance Act 1994 for the purposes of Chapter III of Part IV of that Act (corporation tax self-assessment).
97U.K.Any reference in the Tax Acts (however expressed) to a person being assessed to tax, or being charged to tax by an assessment, include a reference to his being so assessed, or being so charged—
(a)by a self-assessment under this Schedule, or an amendment of such a self-assessment, or
(b)by a determination under paragraph 36 or 37 of this Schedule (which, until superseded by a self-assessment, has effect as if it were one).
Textual Amendments
F19Sch. 18 para. 97A and cross-heading inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 321(6) (with Sch. 9 paras. 1-9, 22)
97AU.K.In this Schedule “TIOPA 2010” means the Taxation (International and Other Provisions) Act 2010.]
98U.K.In this Schedule the expressions listed below are defined or otherwise explained by the provisions indicated—
the Board | paragraph 95(6) |
closure notice | paragraph 32(1) |
company tax return | paragraph 3(1) |
delivery (in relation to company tax return) | paragraph 4 |
discovery assessment | paragraph 41(1) |
discovery determination | paragraph 41(2) |
filing date | paragraph 14 |
Inland Revenue | paragraph 95 |
notice of enquiry | paragraph 24(1) |
notice requiring company tax return | paragraph 3(1) |
[F20SE (in Part 10A) | paragraph 87C] |
self-assessment | paragraph 7 |
self-assessment appointed day | paragraph 96 |
tax | paragraph 1 (and see paragraphs 63(3) and 64(5)) |
tax payable | paragraph 8 |
[F21TIOPA 2010 | paragraph 97A] |
wrong period (return for) | paragraph 26(2) to (4) |
Textual Amendments
F20Words in Sch. 18 para. 98 inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 7 para. 108(3) (with Sch. 9 paras. 1-9, 22)
F21Words in Sch. 18 para. 98 inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 321(7) (with Sch. 9 paras. 1-9, 22)
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