Finance Act 1996

The Finance (No. 2) Act 1992 (c. 48)

45 For section 41(6) of the Finance (No. 2) Act 1992 (claim to be made not later than two years after the end of the relevant period in which the expenditure to which it relates becomes payable) there shall be substituted—

“(6) A claim under this section shall be made—

(a) for the purposes of income tax, on or before the first anniversary of the 31st January next following the year of assessment in which ends the relevant period in which the expenditure to which it relates becomes payable;

(b) for the purposes of corporation tax, not later than two years after the end of the relevant period in which the expenditure to which it relates becomes payable.”

46 For section 42(6) of the Finance (No. 2) Act 1992 (claim to be made not later than two years after the end of the relevant period to which it relates) there shall be substituted—

“(6) A claim under this section shall be made—

(a) for the purposes of income tax, on or before the first anniversary of the 31st January next following the year of assessment in which ends the relevant period to which the claim relates,

(b) for the purposes of corporation tax, not later than two years after the end of the relevant period to which the claim relates,

and shall be irrevocable.”

47 (1) Schedule 10 to the Finance (No. 2) Act 1992 (furnished accommodation) shall be amended in accordance with the following provisions of this paragraph.

(2) In paragraph 10(4) (election or notice to be made or given by notice in writing to the inspector before the end of the period of one year beginning with the end of the year of assessment concerned or such longer period as the Board may in any particular case allow)—

(a) in paragraph (a) for the words following “must be made or given” there shall be substituted “on or before—

(i) the first anniversary of the 31st January next following the year of assessment concerned, or

(ii) such later date as the Board may in any particular case allow, and”; and

(b) in paragraph (b) for “the inspector” there shall be substituted “an officer of the Board”.

(3) In paragraph 10, in sub-paragraph (5) (assessment not to be out of time if made before the end of the period of one year beginning with the day when the election was made or the notice given) for “before the end of the period of one year beginning with the day when” there shall be substituted “on or before the first anniversary of the 31st January next following the year of assessment in which”.

(4) In paragraph 12(2) (election must be made in writing to the inspector before the end of the period of one year beginning with the end of the year of assessment for which it is made or such longer period as the Board may in any particular case allow)—

(a) in paragraph (b) for the words following “must be made” there shall be substituted “on or before—

(i) the first anniversary of the 31st January next following the year of assessment for which it is made, or

(ii) such later date as the Board may in any particular case allow, and”; and

(b) in paragraph (c) for “the inspector” there shall be substituted “an officer of the Board”.

(5) In paragraph 12(4) (notice of withdrawal to be given in writing to the inspector before the end of the period of one year beginning with the end of the year of assessment for which it is given or such longer period as the Board may in any particular case allow)—

(a) in paragraph (a) for the words following “must be given” there shall be substituted “on or before—

(i) the first anniversary of the 31st January next following the year of assessment for which it is given, or

(ii) such later date as the Board may in any particular case allow,”; and

(b) in paragraph (b) for “the inspector” there shall be substituted “an officer of the Board”.

(6) In paragraph 12, in sub-paragraph (6)(b) (notice of withdrawal deemed to be given on the last day of the period of one year beginning with the end of the year of assessment concerned) for “last day of the period of one year beginning with the end of” there shall be substituted “first anniversary of the 31st January next following”.

(7) In paragraph 12, in sub-paragraph (7) (assessment not to be out of time if made before the end of the period of one year beginning with the day when the election was made or the notice was given) for “before the end of the period of one year beginning with the day when” there shall be substituted “on or before the first anniversary of the 31st January next following the year of assessment in which”.