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(1)In section 806 of the Taxes Act 1988 (supplemental provision with respect to double taxation relief), after subsection (2) there shall be inserted the following subsections—
“(3)Subject to subsection (5) below, where—
(a)any credit for foreign tax has been allowed to a person under any arrangements, and
(b)the amount of that credit is subsequently rendered excessive by reason of an adjustment of the amount of any tax payable under the laws of a territory outside the United Kingdom,
that person shall give notice in writing to an officer of the Board that an adjustment has been made that has rendered the amount of the credit excessive.
(4)A notice under subsection (3) above must be given within one year from the time of the making of the adjustment.
(5)Subsections (3) and (4) above do not apply where the adjustment is one the consequences of which in relation to the credit fall to be given effect to in accordance with regulations made under—
(a)section 182(1) of the [1993 c. 34.] Finance Act 1993 (regulations relating to individual members of Lloyd's); or
(b)section 229 of the [1994 c. 9.] Finance Act 1994 (regulations relating to corporate members of Lloyd's).
(6)A person who fails to comply with the requirements imposed on him by subsections (3) and (4) above in relation to any adjustment shall be liable to a penalty of an amount not exceeding the amount by which the credit allowed has been rendered excessive by reason of the adjustment.”
(2)This section shall be deemed to have come into force on 17th March 1998 in relation to adjustments made on or after that date.
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