PART IV U.K. ASSESSMENT AND CLAIMS

Modifications etc. (not altering text)

C1 Pt. 4 (ss. 29-43B) applied (with modifications) (6.4.1993) by The Income Tax (Sub-contractors in the Construction Industry) Regulations 1993 (S.I. 1993/743), reg. 14(2) (revoked (6.4.2007) by S.I. 2005/2045, Sch. 2)

C2 See also Income and Corporation Taxes Act 1988 (c. 1), s. 252 (assessments to rectify excessive set-off etc. of advance corporation tax or tax credit)

Time limits U.K.

34 Ordinary 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, [F1 an assessment to income tax or capital gains tax may be made at any time not later than five years after the 31st January next following the year of assessment 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

F1 Words in s. 34(1) substituted (with effect in accordance with s. 117(4)(5) of the amending Act) by Finance Act 1998 (c. 36), Sch. 19 para. 17; S.I. 1998/3173, art. 2

Modifications etc. (not altering text)

C3 S. 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))

C4 See—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. 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.

C5 S. 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

C6 See S.I. 1974/896, reg. 4(2) for modification in relation to Lloyd's Underwriters.

C7 S. 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

C8 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.

C9 S. 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.

C10 S. 34(1) modified (with effect in accordance with reg. 7(3) of the amending S.I.) by The Lloyds Underwriters (Tax) (1992-93 to 1996-97) Regulations 1995 (S.I. 1995/352), regs. 1(1), 7(1)(2)

C11 S. 34(1) modified (with effect in accordance with reg. 6(3) of the amending S.I.) by The Lloyds Underwriters (Tax) (1992-93 to 1996-97) Regulations 1995 (S.I. 1995/352), regs. 1(1), 6(1)(2)