Income and Corporation Taxes Act 1988

Revision of apportionment

15 (1) If the inspector discovers that the amount apportioned in the case of any company is or has become insufficient, he shall serve on the company a further notice under paragraph 13(1) above showing the further amount which ought in his opinion to be apportioned, and a further notice relating to that amount shall then be served under paragraph 14 above.

(2) Where the amount shown in a notice under sub-paragraph (1) of paragraph 13 above is excessive because the company’s distributable income is smaller than it was taken to be for the purposes of that notice or because the company’s distributions were greater than they were taken to be for those purposes, the inspector shall serve on the company a further notice under that sub-paragraph showing a reduced amount; and where such a notice is served—

(a) a further notice shall also be served under paragraph 14 above making such amendments in any previous notice under that paragraph as may be required to take account of the reduction in the amount apportioned; and

(b) there shall be made such adjustments by repayment or discharge of tax as may be required to secure that liabilities to tax under sections 426 to 430 are what they would have been if the notices originally served under paragraphs 13 and 14 above had been as amended by further notices served by virtue of this paragraph.