Modification of transfer schemes and determinations under paragraph 9(1)(d) or 27(1)(c): companies
43(1)This paragraph applies if—
(a)a company delivers a company tax return,
(b)subsequently, an event mentioned in sub-paragraph (2) below occurs, and
(c)as a result of that event, the return is incorrect.
(2)The events are—
(a)the making of an agreement modifying a transfer scheme under paragraph 15 of Schedule 12 to this Act;
(b)a determination or modification of a determination under the provision mentioned in paragraph 9(1)(d) or 27(1)(c) above.
(3)The return may be amended under paragraph 15 of Schedule 18 to FA 1998 so as to remedy the error, ignoring any time limit which would otherwise prevent that happening.
(4)But an amendment may not be made in reliance on sub-paragraph (3) above more than 12 months after the end of the accounting period of the company during which (as the case may be)—
(a)the agreement is made, or
(b)the determination or modification of a determination is made.
(5)Sub-paragraphs (6) and (7) below apply if the company does not amend the return so as to remedy the error before the end of that 12 month period.
(6)A discovery assessment or a discovery determination may be made in relation to the error, ignoring any time limit which would otherwise prevent that happening.
(7)But such an assessment or determination may not be made in reliance on sub-paragraph (6) above more than 24 months after the end of the accounting period mentioned in sub-paragraph (4) above.
(8)Expressions used in this paragraph and in Schedule 18 to FA 1998 have the same meaning in this paragraph as in that Schedule.