C1Part 6Tax arbitrage
General provisions about deduction notices and receipt notices
257Amendments, closure notices and discovery assessments where section 256 applies
1
Subsection (2) applies if, after having made a company tax return for an accounting period, a company is given a deduction notice or a receipt notice in relation to the period (“the Part 6 notice”).
2
The company may amend the return for the purpose of complying with the provision referred to in the Part 6 notice at any time before the end of the period of 90 days beginning with the day on which the Part 6 notice is given (“the 90 day period”).
3
Subsection (4) applies if the Part 6 notice is given to the company after it has been given a notice of enquiry in respect of the return.
4
No closure notice may be given in relation to the return until—
a
the end of the 90 day period, or
b
the earlier amendment of the return for the purpose of complying with the provision referred to in the Part 6 notice.
5
Subsection (6) applies if the Part 6 notice is given to the company after any enquiries into the return are completed.
6
No discovery assessment may be made in respect of the income or chargeable gain to which the Part 6 notice relates until—
a
the end of the 90 day period, or
b
the earlier amendment of the return for the purpose of complying with the provision referred to in the Part 6 notice.
7
Subsection (2) does not prevent a return for an accounting period becoming incorrect if—
a
a deduction notice or receipt notice is given to the company in relation to the period,
b
the return is not amended in accordance with subsection (2) for the purpose of complying with the provision referred to in the notice, and
c
it ought to have been so amended.
Pt. 6 excluded by 2010 c. 4, s. 938N (as inserted (19.7.2011) by Finance Act 2011 (c. 11), Sch. 5 para. 2)