19(1)Paragraph 4 of Schedule 24 to the Taxes Act 1988 (assumption that claims or elections giving maximum relief have been made, subject to notice to the contrary) shall be amended as follows.
(2)In sub-paragraph (1A)(a) (sub-paragraph (2) to apply to accounting period of foreign company in respect of which a direction is given) for “a direction is given under section 747(1)” there shall be substituted “an apportionment under section 747(3) falls to be made”.
(3)In sub-paragraph (2) (notice to be given to the Board at any time not later than the expiry of the appropriate period etc)—
(a)for “given to the Board” there shall be substituted “given to an officer of the Board”; and
(b)for “the appropriate period” there shall be substituted “the period of twenty months following the end of the accounting period”.
(4)In consequence of sub-paragraph (3)(b) above, sub-paragraph (2A) shall cease to have effect.
(5)In sub-paragraph (3) (majority interest in foreign company) in paragraph (b) for “an assessment” there shall be substituted “any liability”.
(6)In sub-paragraph (3A) (application of sub-paragraph (3) to ADP exempt periods)—
(a)in paragraph (a), for “a direction had been duly given under section 747(1)” there shall be substituted “an apportionment under section 747(3) had fallen to be made”;
(b)for paragraph (b) there shall be substituted—
“(b)such apportionments as are mentioned in sub-paragraph (3) above had been made and such liabilities as are mentioned in that sub-paragraph had arisen.”