Modifications etc. (not altering text)
C1Pt. 10 applied (with modifications) (6.4.2014) by National Insurance Contributions Act 2014 (c. 7), s. 8, Sch. 1 Pt. 1
Textual Amendments
F1Pt. 10 Ch. 3B inserted (with retrospective effect in accordance with Sch. 30 para. 6(2) of the amending Act) by Finance Act 2013 (c. 29), Sch. 30 para. 6(1)
Modifications etc. (not altering text)
C2Pt. 10 Chs. 3-3B applied (24.2.2022) by Finance Act 2022 (c. 3), Sch. 2 para. 37
(1)All such assessments and adjustments of assessments are to be made as are necessary to give effect to section 464C(1) and (3).
(2)If a person who has made a tax return becomes aware that, after making it, anything in it has become incorrect because of the operation of section 464C(1) or (3), the person must give notice to an officer of Revenue and Customs specifying how the return needs to be amended.
(3)The notice must be given within 3 months beginning with the day on which the person became aware that anything in the return had become incorrect because of the operation of section 464C(1) or (3).
(4)In section 464C, “chargeable payment” means—
(a)a loan or advance made by a close company which gives rise to a charge to tax under section 455, or
(b)the conferral of a benefit on an individual in circumstances which give rise to a charge to tax under section 464A.
(5)In a case within subsection (4)(b)—
(a)the conferral of the benefit is to be treated for the purposes of section 464C as a loan made by the close company to the individual to the value of the benefit conferred, and
(b)any payment in respect of which (apart from section 464C) relief is due to the close company under section 464B is to be treated for the purposes of section 464C as a repayment of the loan.]