Version Superseded: 06/10/2011
Point in time view as at 19/07/2011.
Finance Act 2009, Paragraph 24 is up to date with all changes known to be in force on or before 07 March 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.
24(1)References to a liability to tax which would have been shown in a return are references to the amount which, if a complete and accurate return had been delivered on the filing date, would have been shown to be due or payable by the taxpayer in respect of the tax concerned for the period to which the return relates.U.K.
(2)In the case of a penalty which is assessed at a time before P makes the return to which the penalty relates—
(a)HMRC is to determine the amount mentioned in sub-paragraph (1) to the best of HMRC's information and belief, and
(b)if P subsequently makes a return, the penalty must be re-assessed by reference to the amount of tax shown to be due and payable in that return (but subject to any amendments or corrections to the return).
(3)In calculating a liability to tax which would have been shown in a return, no account is to be taken of any relief under [F1section 458 of CTA 2010] (relief in respect of repayment etc of loan) which is deferred under [F2subsection (5)] of that section.
Textual Amendments
F1Words in Sch. 55 para. 24(3) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 723(a) (with Sch. 2)
F2Words in Sch. 55 para. 24(3) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 723(b) (with Sch. 2)
Modifications etc. (not altering text)
C1Sch. 55 applied by S.R. 2009/128, reg. 35 (as substituted (6.4.2011) by The Education (Student Loans) (Repayment) (Amendment) Regulations (Northern Ireland) 2011 (S.R. 2011/137), regs. 1(1), 8(a) (with reg. 12))
C2Sch. 55 applied by S.I. 2009/470, reg. 40(1)(2) (as substituted (6.4.2011) by The Education (Student Loans) (Repayment) (Amendment) Regulations 2011 (S.I. 2011/784), regs. 1(1), 9 (with reg. 12(2)))
Commencement Information
I1Sch. 55 para. 24 in force at 1.4.2011 for specified purposes and 6.4.2011 for specified purposes by S.I. 2011/702, art. 2 (with art. 1(2))
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