Modifications etc. (not altering text)
C1Sch. 18 restricted (31.7.1998) by 1988 c. 1, s. 754B(10) (as inserted (31.7.1998 with effect as mentioned in Sch. 17 para. 37 of 1998 c. 36) by 1998 c. 36, s. 113, Sch. 17 para. 11)
41(1)If the Inland Revenue discover as regards an accounting period of a company that—U.K.
(a)an amount which ought to have been assessed to tax has not been assessed, or
(b)an assessment to tax is or has become insufficient, or
(c)relief has been given which is or has become excessive,
they may make an assessment (a “discovery assessment") in the amount or further amount which ought in their opinion to be charged in order to make good to the Crown the loss of tax.
(2)If the Inland Revenue discover that a company tax return delivered by a company for an accounting period incorrectly states—
(a)an amount that affects, or may affect, the tax payable by that company for another accounting period, or
(b)an amount that affects, or may affect, the tax liability of another company,
they may make a determination (a “discovery determination") of the amount which in their opinion ought to have been stated in the return.