34Ordinary time limit of six years. U.K.
(1)Subject to the following provisions of this Act, and to any other provisions of the Taxes Acts allowing a longer period in any particular class of case, an assessment to tax may be made at any time not later than
[F1(a)in the case of an assessment to income tax or capital gains tax, five years after the 31st January next following the year of assessment to which it relates; and
(b)in the case of an assessment to corporation tax, six years after the end of the accounting period to which it relates.]
(2)An objection to the making of any assessment on the ground that the time limit for making it has expired shall only be made on an appeal against the assessment.
Textual Amendments
F1Words in s. 34(1) substituted (with effect in accordance with s. 199(2)(3) of the amending Act) by Finance Act 1994 (c. 9), Sch. 19 para. 10; S.I. 1998/3173, art. 2
Modifications etc. (not altering text)
C1S. 34 excluded (6.3.1992 with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 248(2), 289 (with ss. 60, 101(1), 171, 201(3))
C2 See—Income and Corporation Taxes Act 1970 (c. 10), ss. 278(6), 279(5)—adjustments when company ceases to be a member of a group. Income and Corporation Taxes Act 1970 (c. 10), s. 280(6)—adjustments consequential on depreciatory transaction within a group of companies. Finance (No. 2) Act 1987 (c. 51), s. 84(7)—nothing in ss. 34-40 applies to assessments made under Finance (No. 2) Act 1987 s. 84. Income and Corporation Taxes Act 1988 (c. 1), s. 12—assessments to corporation tax consequential on determination of accounting period. Income and Corporation Taxes Act 1988 (c. 1), s. 41(1)—rent etc., received after lost rent relief allowed. Income and Corporation Taxes Act 1988 (c. 1), s. 67(7) and (8)—adjustments in respect of sources of income chargeable to income tax under Sch. D Case III, IV or V, which are disposed of or cease to yield income. Income and Corporation Taxes Act 1988 (c. 1), s. 108—receipts accruing after discontinuance of trade, etc. Income and Corporation Taxes Act 1988 (c. 1), ss. 448, 806—adjustments in respect of double taxation relief. Income and Corporation Taxes Act 1988 (c. 1), s. 455(4)—assessments in respect of sums paid into special reserve funds by underwriters who have died. Income and Corporation Taxes Act 1988 (c. 1), s. 488—adjustments on revocation of direction under that section (co-operative housing associations). Income and Corporation Taxes Act 1988 (c. 1), s. 535—assessments consequential on claims under that section (copyright sold after ten years). Income and Corporation Taxes Act 1988 (c. 1), ss. 569, 572—repayment of amounts paid under schemes for rationalizing industry or statutory redundancy schemes. Income and Corporation Taxes Act 1988 (c. 1), s. 584(2)—adjustments in respect of overseas profits ceasing to be unremittable. Income and Corporation Taxes Act 1988 (c. 1), s. 585—adjustments in respect of delayed remittances of overseas income. Income and Corporation Taxes Act 1988 (c. 1), s. 700—adjustments on completion of administration of deceased person's estate. Income and Corporation Taxes Act 1988 (c. 1), s. 703—cancellation of tax advantages from certain transactions in securities. Income and Corporation Taxes Act 1988 (c. 1), s. 781—cancellation of certain reliefs for payments under leases of plant, etc. Capital Allowances Act 1990 (c. 1), s. 1(8) (9)—withdrawal of initial allowance where investment grant made. S.I. 1956/1230, regs. 18, 21—adjustments in respect of purchased life annuities. S.I. 1989/421, Sch—modifications for underwriters for 1986-87. S.I. 1990/627, reg. 3(2), Schedule—modification for underwriters for 1987-88. Transport Act 1962 (10 & 11 Eliz. 2 c. 46), s. 42(2)—adjustments of capital allowances in consequence of directions under s. 40(3) of that Act.
C3S. 34(1) applied (with modification) (19.4.1991) for the assessment year 1988-1989 by S.I. 1991/851, regs. 1, 3(2), Sch. 1
S. 34(1) extended (with modifications) (28.3.1992) for the year of assessment 1989-90 by S.I. 1992/511, regs. 1,3, Sch. 1
C4See S.I. 1974/896, reg. 4(2) for modification in relation to Lloyd's Underwriters.
C5S. 34(1) applied (with modifications) (23.3.1993 with effect for the year of assessment 1990-91 only) by S.I. 1993/415, regs. 1(1), 3(2), Sch.1
C6 For modification in relation to petroleum revenue tax and supplementary petroleum duty see Oil Taxation Act 1975 s.1, Sch.2 para.1(1)—Oil Taxation Acts.
C7S. 34 modified (16.7.1992) by Income and Corporation Taxes Act 1988 (c. 1), Sch. 3 para. 6E (which was inserted (16.7.1992 having effect in relation to transactions effected on or after 1.10.1992) by Finance (No. 2) Act 1992 (c. 48), s. 63, Sch. 11 paras. 2(2), 6)
C8S. 34(1) applied (with modifications) (with effect in accordance with reg. 1(1) of the amending S.I.) by The Lloyds Underwriters (Tax) (1991-92) Regulations 1994 (S.I. 1994/728), reg. 3(2), Sch.