C1Part 6Revenue Functions

Annotations:
Modifications etc. (not altering text)
C1

Pt. 6: power to repeal conferred (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 102; S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)

General functions

I1319 Source of income

1

For the purpose of the exercise by F2SOCA of any function vested in F3 it by virtue of this Part it is immaterial that F4SOCA cannot identify a source for any income.

2

An assessment made by F5SOCA under section 29 of the Taxes Management Act 1970 (c. 9) (assessment where loss of tax discovered) in respect of income charged to tax under F1Chapter 8 of Part 5 of the Income Tax (Trading and Other Income) Act 2005 must not be reduced or quashed only because it does not specify (to any extent) the source of the income.

3

If F6SOCA serves on the Board a notice of withdrawal under section 317(4), any assessment made by F7SOCA under section 29 of the Taxes Management Act 1970 is invalid to the extent that it does not specify a source for the income.

4

Subsections (2) and (3) apply in respect of years of assessment whenever occurring.