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Changes over time for: Paragraph 24


Timeline of Changes
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Version Superseded: 06/10/2011
Status:
Point in time view as at 19/07/2011.
Changes to legislation:
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.

Changes to Legislation
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This section has no associated Explanatory Notes
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 [section 458 of CTA 2010] (relief in respect of repayment etc of loan) which is deferred under [subsection (5)] of that section.
Textual Amendments
Modifications etc. (not altering text)
Commencement Information
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