Part 3 U.K. Trading income

Chapter 8 U.K. Trade profits: herd basis rules

Supplementary U.K.

127 Further assessment etc if herd basis rules apply U.K.

(1) If the herd basis rules apply in calculating the profits of an accounting period after an assessment for that period 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.