Part III Income Tax, Corporation Tax and Capital Gains Tax
chapter V Management
Other returns and information
123 Three year time limit.
1
At the end of section 13 of the M1Taxes Management Act 1970 (returns by persons in receipt of taxable income belonging to others) there shall be added—
3
A notice under this section shall not require information as to any money, value, profits or gains received in a year of assessment ending more than three years before the date of the giving of the notice.
2
In section 17(1) of that Act (interest paid or credited by banks etc. without deduction of income tax) after the words “during a year” there shall be inserted the words “
of assessment
”
.
3
In section 18 of that Act (particulars of interest paid without deduction of income tax) after subsection (3) there shall be inserted—
3A
A notice under this section shall not require information with respect to interest paid in a year of assessment ending more than three years before the date of the giving of the notice.
4
At the end of section 19 of that Act (information for the purposes of Schedule A etc.) there shall be added—
4
A notice under this section shall not require information with respect to—
a
the terms applying to the lease, occupation or use of the land, or
b
consideration given, or
c
payments arising,
in a year of assessment ending more than three years before the date of the giving of the notice.
5
This section has effect with respect to notices given after the passing of this Act.