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Finance Act 1998
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- 1998 c. 36
- SCHEDULE 18
- Part V
- Assessment where loss of tax discovered or determination of amount discovered to be incorrect
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- Act amendment to earlier affecting provision SI 2007/1050 reg. 3-12 by 2009 c. 4 Sch. 2 para. 131
- Act applied in part (with modifications) by S.I. 2007/1050 reg. 3-12 (This SI is amended by 2009 c. 4 Sch. 2 para. 131)
- Blanket amendment text amended by S.I. 2011/1043 art. 3 4
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- S.I. 2008/2302 art. 2 commences (1998 c. 36)
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- S.I. 2003/88 art. 2 3 commences (2002 c. 23)
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- S.I. 2005/1126 art. 2 commences (2005 c. 11)
- S.I. 2006/3399 art. 2 commences (2006 c. 25)
- S.I. 2008/568 art. 2 commences (2007 c. 11)
- S.I. 2009/402 art. 2 commences (2008 c. 9)
- S.I. 2009/403 art. 2 commences (2008 c. 9)
- S.I. 2009/404 art. 2 commences (2008 c. 9)
- S.I. 2009/405 art. 2 commences (2008 c. 9)
- S.I. 2009/511 art. 2 commences (2008 c. 9)
- S.I. 2009/571 art. 2-5 commences (2008 c. 9)
- S.I. 2011/892 art. 2 3 Commencement Order
Assessment where loss of tax discovered or determination of amount discovered to be incorrectE+W+S+N.I.
41(1)If the Inland Revenue discover as regards an accounting period of a company that—E+W+S+N.I.
(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.
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