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Finance Act 1958

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27Time limit for assessments and claims for relief

(1)No assessment to the profits tax shall be made more than six years after the end of the chargeable accounting period in respect of which it is made, except in the following cases—

(a)where any form of fraud or wilful default has been committed in connection with or in relation to the profits tax, and the assessment is made for the purpose of making good to the Crown any loss of tax attributable to the fraud or wilful default;

(b)where tax for the last chargeable accounting period of a trade or business (being a period ending at or before the beginning of April, nineteen hundred and fifty-eight) is chargeable by reason of a distribution made after the end of that period, and the person assessable has not given notice in writing to the Commissioners of Inland Revenue, after the making of the distribution, that no further distribution is to be made, or, if he has, a year has not elapsed since he did so ;

(c)where a longer time is allowed for a particular class of case by the enactments relating to the profits tax other than this subsection.

(2)Any application for relief in respect of an assessment to the profits tax made by virtue of subsection (2) of section thirty-five of the Finance (No. 2) Act, 1945 (which provides for relief in respect of errors or mistakes in a return or statement made for the purpose of an assessment), shall be made not later than six years after the making of the assessment; but any notice of appeal against the determination of the Commissioners on such an application may be given within thirty days of the notification of the determination (instead of twenty-one days as provided by the Fifth Schedule to the said Act).

(3)This section shall not prevent the making of an assessment or application for the purposes of the profits tax at any time when an assessment or application can be made in respect of the same matter for the purposes of income tax under any provision enlarging for a particular class of case the time ordinarily allowed for making assessments or applications for relief.

(4)In this section " assessment" includes an additional assessment.

(5)This section shall not apply to assessments or applications for relief made before the end of the year nineteen hundred and fifty-eight, except in so far as it enlarges the time for giving notice of appeal.

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