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Finance Act 2003

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Changes over time for: Cross Heading: Assessment where loss of tax discovered

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Finance Act 2003, Cross Heading: Assessment where loss of tax discovered is up to date with all changes known to be in force on or before 29 January 2025. 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. Help about Changes to Legislation

Assessment where loss of tax discoveredU.K.

28(1)If the Inland Revenue discover as regards a chargeable transaction that—U.K.

(a)an amount of tax that ought to have been assessed has not been assessed, or

(b)an assessment to tax is or has become insufficient, or

(c)relief has been given that is or has become excessive,

they may make an assessment (a “discovery assessment”) in the amount or further amount that ought in their opinion to be charged in order to make good to the Crown the loss of tax.

(2)The power to make a discovery assessment in respect of a transaction for which the purchaser has delivered a return is subject to the restrictions specified in paragraph 30.

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