Finance Act 2022

Requirement to file return and pay tax chargeable under paragraph 1 U.K.

8 (1) A person liable to tax as a result of paragraph 1 must make and deliver a return to an officer of Revenue and Customs before the end of the period of 30 days beginning with later of—

(a) the day on which the person became liable,

(b) the day on which the public interest business to which the tax relates entered special measures,

(c) the day on which the £100 million threshold condition is met (see paragraph 1(9)), and

(d) the day on which this Act is passed.

(2) References in this Schedule to the day on which a person became liable to tax as a result of paragraph 1 (however framed) are to the date on which the first of the disqualifying steps to which the tax relates was taken.

(3) A return under this paragraph must contain—

(a) such information, accounts, statements and documents as are relevant to the person’s liability to tax, and

(b) an assessment of the amount (a “self-assessment”), on the basis of the information contained in the return, the person is liable to pay.

(4) The Commissioners for Her Majesty’s Revenue and Customs may by notice, published by the Commissioners in such manner as they consider appropriate, specify descriptions of information, accounts and documents that are relevant to a person’s liability to tax (and which accordingly must be contained in a return).

(5) A self-assessment may not be made and delivered under this paragraph after the end of the period of 4 years beginning with the day on which the person became liable to tax.

(6) Where a return is made under this paragraph, the amount assessed is payable on the day after the end of the period of 15 days beginning with the day after the end of the period referred to in sub-paragraph (1).