8(1)This paragraph applies if—U.K.
(a)a company delivers a company tax return,
(b)subsequently an agreement is made modifying a transfer scheme under section 190 or 191, and
(c)as a result of that, the return is incorrect.
(2)The return may be amended under paragraph 15 of Schedule 18 to the Finance Act 1998 so as to remedy the error, ignoring any time limit which would otherwise prevent that happening.
(3)An amendment may not be made in reliance on sub-paragraph (2) more than 12 months after the end of the accounting period of the company during which the agreement is made.
(4)Sub-paragraphs (5) and (6) apply if the company does not amend the return so as to remedy the error before the end of that 12 month period.
(5)A discovery assessment or a discovery determination may be made in relation to the error, ignoring any time limit which would otherwise prevent that happening.
(6)Such an assessment or determination may not be made in reliance on sub-paragraph (5) more than 24 months after the end of the accounting period mentioned in sub-paragraph (3).
(7)Expressions used in this paragraph and in Schedule 18 to the Finance Act 1998 have in this paragraph the meaning they have in that Schedule.
Commencement Information
I1Sch. 24 in force for specified purposes at Royal Assent see s. 240(5)(o)
I2Sch. 24 para. 8 in force at 30.3.2012 for E.W. by S.I. 2012/628, art. 3(b)