SCHEDULE 18 Company tax returns, assessments and related matters
Part V Revenue determinations and assessments
Restrictions on power to make discovery assessment or determination
42
(1)
The power to make—
(a)
a discovery assessment for an accounting period for which the company has delivered a company tax return, or
(b)
a discovery determination,
is only exercisable in the circumstances specified in paragraph 43 or 44 and subject to paragraph 45 below.
(2)
Those restrictions do not apply to an assessment or determination which only gives effect to a discovery determination duly made with respect to an amount stated in another company’s company tax return.
F1(2A)
Those restrictions, other than the restriction in paragraph 45, do not apply so far as regards any income or chargeable gains of the company in relation to which the company has been given, F2a notice within sub-paragraph (4) after any enquiries have been completed into the return (so far as relating to the matters to which the notice relates).
(3)
Any objection to a discovery assessment or determination on the ground that those paragraphs have not been complied with can only be made on an appeal against the assessment or determination.
F3(4)
A notice is within this sub-paragraph if it is—
(a)
a notice under section 184G or 184H of the Taxation of Chargeable Gains Act 1992 (avoidance involving capital losses), F4or
(b)
a notice under section 81(2) of TIOPA 2010 (schemes and arrangements designed to increase relief), F5...
F5(c)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .