Overpayments and underpayments of tax: tax years before the tax year ending 5th April 2002U.K.
25.—(1) Regulation 188 (assessments other than self-assessments)—
(a)does not apply in relation to an assessment for a tax year ending on or before 5th April 1996, and
(b)has effect in particular with the following modification in relation to an assessment, other than one under section 9 of TMA(1), for a tax year beginning on or after 6th April 1996 and ending on or before 5th April 2001.
(2) In paragraph (3), after sub-paragraph (a) insert—
“(aa)make any necessary adjustment to B in respect of any shortfall in deductions made in accordance with the Income Tax (Employments) Regulations 1993(2) from the employee, where—
(i)payments of profit-related pay have been made to the employee in accordance with a profit-related pay scheme registered under Chapter 3 of Part 5 of ICTA(3),
(ii)in consequence of the relief given by that Chapter less tax has been deducted from those payments than would have been deducted if the scheme had not been registered, and
(iii)the registration of the scheme has subsequently been cancelled with effect from a time before that relevant for the purposes of the relief;”.
Section 9 was substituted by section 179 of the Finance Act 1994 (c. 9), and amended by sections 104(4) and 115(2) of the Finance Act 1995 (c. 4), sections 121(4) and 122(1) of the Finance Act 1996 (c. 8), section 98(2) of the Finance Act 1998 (c. 36), paragraphs 1 and 2(1) of Schedule 29 to the Finance Act 2001 (c. 9) and paragraph 125(2) and (3) of Schedule 6 to ITEPA.
S.I. 1993/744; relevant amending instruments are S.I. 1993/2276, S.I. 1994/775, S.I. 1994/1212, S.I. 1995/447, S.I. 1995/853, S.I. 1995/1223, S.I. 1995/1284, S.I. 1996/804, S.I. 1996/980, S.I. 1996/1312, S.I. 1996/2381, S.I. 1996/2554, S.I. 1996/2631, S.I. 1997/214, S.I. 1998/1891, S.I. 1998/2484, S.I. 1999/70, S.I. 1999/2155, S.I. 2002/680, S.I. 2003/536, and S.I. 2003/2494.
Chapter 3 of Part 5 was repealed by Part 6(3) of Schedule 18 to the Finance Act 1997 (c. 16).