Part 2Trading income

Chapter 8Trade profits: herd basis rules

Supplementary

129Further assessment etc. if herd basis rules apply

1

If the herd basis rules apply in calculating the profits of a tax year after an assessment for that tax year has become final and conclusive, any assessment or repayment of tax that is necessary to give effect to the rules must be made.

2

But repayment of tax is due only if a claim for it is made.