Proceeds of Crime Act 2002 (c. 29)

Part 6 U.K. Revenue Functions

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 U.K.

319 Source of income U.K.

(1) For the purpose of the exercise by [F1 SOCA] of any function vested in [F2 it ] by virtue of this Part it is immaterial that [F3 SOCA] cannot identify a source for any income.

(2) An assessment made by [F4 SOCA] 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 [F5 Chapter 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 [F6 SOCA] serves on the Board a notice of withdrawal under section 317(4), any assessment made by [F7 SOCA] 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.

Textual Amendments

F1 Word in s. 319(1) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 95(2)(a); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)

F2 Word in s. 319(1) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 95(2)(b); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)

F3 Word in s. 319(1) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 95(2)(c); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)

F4 Word in s. 319(2) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 95(3); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)

F5 Words in s. 319(2) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 582 (with Sch. 2)

F6 Word in s. 319(3) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 95(4)(a); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)

F7 Word in s. 319(3) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 95(4)(b); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)

Commencement Information

I1 S. 319 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)