SCHEDULES
SCHEDULE 51Time limits for assessments, claims etc
Petroleum revenue tax
I120
1
Paragraph 12 of Schedule 2 (further assessments and determinations) is amended as follows.
2
After sub-paragraph (1) insert—
1A
An assessment (or an amendment of an assessment) under sub-paragraph (1) may be made at any time not more than 4 years after the end of the chargeable period to which the assessment relates (subject to sub-paragraph (1B) and paragraphs 12A and 12B).
1B
The time limits in sub-paragraph (1A) and paragraphs 12A and 12B do not apply to an amendment of an assessment where the amendment is made in consequence (directly or indirectly) of—
a
the granting of relief under section 7(2) or (3) to any participator for allowable losses accruing in any chargeable period, or
b
a notice of variation served under paragraph 9 of Schedule 5 on any responsible person in respect of a claim for any claim period.
3
In sub-paragraph (2)—
a
omit “(notwithstanding anything in section 34 of the Taxes Management Act 1970 (ordinary time limit for assessment))”,
b
for “six years” substitute “
4 years
”
, and
c
insert at the end “(subject to paragraphs 12A and 12B)”.