Part 7

Community investment tax relief
Chapter 6

Withdrawal or reduction of CITR

Manner of withdrawal or reduction

Manner of withdrawal or reduction of CITR
372
1
This section applies if any CITR has been obtained which falls to be withdrawn or reduced under this Chapter.
2
The CITR must be withdrawn or reduced by making an assessment to income tax for the tax year for which the CITR was obtained.
3
No assessment may be made under subsection (2) because of any event occurring after the death of the investor.
4
An assessment under this paragraph may be made at any time not more than 6 years after the end of the tax year for which the relief was obtained.
5
Subsection (4) is without prejudice to section 36(1A) of
TMA
1970 (loss of tax brought about deliberately
etc
).
Pt. 7 modified by 2005 c. 7, s. 54A (as inserted (10.7.2008) by The Alternative Finance Arrangements (Community Investment Tax Relief) Order 2008 (S.I. 2008/1821), arts. 1, 2)
S. 372(4)(5) inserted (1.4.2010) by Finance Act 2008 (c. 9), s. 118(2), Sch. 39 para. 60; S.I. 2009/403, art. 2(2) (with art. 10)