SCHEDULES

SCHEDULE 10 U.K.Stamp duty land tax: returns, enquiries, assessments and appeals

Modifications etc. (not altering text)

C1 Sch. 10 applied (with modifications) (with effect in accordance with Sch. 61 para. 29(2)(a) of the amending Act) by Finance Act 2009 (c. 10), Sch. 61 para. 7(9)

Part 5 U.K.Revenue assessments

Assessment where loss of tax discovered U.K.

28 (1) If the Inland Revenue discover as regards a chargeable transaction that— U.K.

(a) an amount of tax that ought to have been assessed has not been assessed, or

(b) an assessment to tax is or has become insufficient, or

(c) relief has been given that is or has become excessive,

they may make an assessment (a “discovery assessment”) in the amount or further amount that ought in their opinion to be charged in order to make good to the Crown the loss of tax.

(2) The power to make a discovery assessment in respect of a transaction for which the purchaser has delivered a return is subject to the restrictions specified in paragraph 30.