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Finance Act 2009

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Changes over time for: Paragraph 40

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Changes to legislation:

Finance Act 2009, Paragraph 40 is up to date with all changes known to be in force on or before 14 February 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

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40(1)Paragraph 33 (assessments: time limits) is amended as follows.U.K.

(2)In sub-paragraph (1)—

(a)for “three years” (in the first place) substitute “ 4 years ”, and

(b)for the words from “the end of” to the end substitute “ the relevant event ”.

(3)After that sub-paragraph insert—

(1A)In this paragraph “the relevant event”, in relation to an assessment, means—

(a)the end of the accounting period concerned, or

(b)in the case of an assessment under paragraph 32 of an amount due by way of a penalty other than a penalty referred to in paragraph 32(2), the event giving rise to the penalty.

(4)In sub-paragraph (3), for “sub-paragraph (1)” substitute “ sub-paragraph (1A) ”.

(5)For sub-paragraph (4) substitute—

(4)An assessment of an amount due from a person in a case involving a loss of tax—

(a)brought about deliberately by the person (or by another person acting on that person's behalf), or

(b)attributable to a failure by the person to comply with an obligation under section 47(2) or (3),

may be made at any time not more than 20 years after the relevant event (subject to sub-paragraph (5)).

(4A)In sub-paragraph (4)(a) the reference to a loss brought about deliberately by the person includes a loss brought about as a result of a deliberate inaccuracy in a document given to Her Majesty's Revenue and Customs by or on behalf of that person.

(6)In sub-paragraph (5)—

(a)in paragraph (a), for “three years” substitute “ 4 years ”, and

(b)omit paragraph (b) (and the “and” before it).

Commencement Information

I1Sch. 51 para. 40 in force at 1.4.2010 for the purposes of the amendments made by that paragraph by S.I. 2010/867, art. 2(1) (with arts. 26-28)

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