SCHEDULES

C1C2C3C5C6C7C8C9 SCHEDULE 18 Company tax returns, assessments and related matters

Annotations:
Modifications etc. (not altering text)
C1

Sch. 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)

C3

Sch. 18 applied (20.7.2005) by Finance (No. 2) Act 2005 (c. 22), s. 61

C6

Sch. 18 excluded (17.7.2013) by Finance Act 2013 (c. 29), s. 210(6)(b)

C7

Sch. 18: power to amend conferred (12.2.2019) by Finance Act 2019 (c. 1), s. 87(5)(a)(6)

C8

Sch. 18 applied (with modifications) (22.7.2020) by Finance Act 2020 (c. 14), Sch. 16 para. 11(4) (with Sch. 16 para. 11(5))

C9

Sch. 18 applied (with modifications) (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 303(7)(8) (with s. 303(6))

C3Part V Revenue determinations and assessments

Assessment where loss of tax discovered or determination of amount discovered to be incorrect

41

1

If F1an officer of Revenue and CustomsF2discovers as regards an accounting period of a company that—

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,

F2he may make an assessment (a “discovery assessment") in the amount or further amount which ought in F2his opinion to be charged in order to make good to the Crown the loss of tax.

C42

If F1an officer of Revenue and CustomsF2discovers 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,

F2he may make a determination (a “discovery determination") of the amount which in F2his opinion ought to have been stated in the return.