[F1269ZZAExcessive specifications of deductions allowanceU.K.
(1)This section applies if a company's tax return for an accounting period specifies an excessive amount as—
(a)the company's deductions allowance for the period,
(b)the company's trading profits deductions allowance for the period,
[F2(ba)the company’s chargeable gains deductions allowance for the period,]
(c)the company's [F3non-trading income profits deductions allowance] for the period,
(d)the company's contractor's ring fence profits deductions allowance for the period, or
[F4(da)the company’s BLAGAB deductions allowance for the period.]
F5(e). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2)The company must, so far as it may do so, amend the company tax return so that the amount specified is not excessive.
(3)If an officer of Revenue and Customs considers that an undue amount of relief has been given as a consequence of the amount specified being excessive, the officer may make an assessment to tax in the amount which in the officer's opinion ought to be charged.
(4)If—
(a)the amount specified became excessive in consequence of an alteration being made to the amount of group deductions allowance allocated to the company for the accounting period concerned, and
(b)the company has failed, or is unable, to amend its company tax return in accordance with subsection (2),
an assessment under subsection (3) is not out of time if it is made within 12 months of the date on which the alteration took place.
(5)The power in subsection (3) is without prejudice to the power to make a discovery assessment under paragraph 41(1) of Schedule 18 to FA 1998.]
Textual Amendments
F1Pt. 7ZA inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 16
F2S. 269ZZA(1)(ba) inserted (with effect in relation to accounting periods beginning on or after 1.4.2020) by Finance Act 2020 (c. 14), Sch. 4 paras. 35(2), 42 (with Sch. 4 paras. 43-46)
F3Words in s. 269ZZA(1)(c) substituted (with effect in relation to accounting periods beginning on or after 1.4.2020) by Finance Act 2020 (c. 14), Sch. 4 paras. 35(3), 42 (with Sch. 4 paras. 43-46)
F4S. 269ZZA(1)(da) inserted (with effect in relation to accounting periods beginning on or after 1.4.2020) by Finance Act 2020 (c. 14), Sch. 4 paras. 35(4), 42 (with Sch. 4 paras. 43-46)
F5S. 269ZZA(1)(e) omitted (with effect in relation to accounting periods beginning on or after 1.4.2020) by virtue of Finance Act 2020 (c. 14), Sch. 4 paras. 35(5), 42 (with Sch. 4 paras. 43-46)