SCHEDULES
SCHEDULE 13Transfer schemes: tax provisions
Part 7Other provisions concerning transfers
Modification of transfer schemes and determinations under paragraph 9(1)(d) or 27(1)(c): companies
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1
This paragraph applies if—
a
a company delivers a company tax return,
b
subsequently, an event mentioned in sub-paragraph (2) below occurs, and
c
as a result of that event, the return is incorrect.
2
The events are—
a
the making of an agreement modifying a transfer scheme under paragraph 15 of Schedule 12 to this Act;
b
a determination or modification of a determination under the provision mentioned in paragraph 9(1)(d) or 27(1)(c) above.
3
The return may be amended under paragraph 15 of Schedule 18 to FA 1998 so as to remedy the error, ignoring any time limit which would otherwise prevent that happening.
4
But an amendment may not be made in reliance on sub-paragraph (3) above more than 12 months after the end of the accounting period of the company during which (as the case may be)—
a
the agreement is made, or
b
the determination or modification of a determination is made.
5
Sub-paragraphs (6) and (7) below apply if the company does not amend the return so as to remedy the error before the end of that 12 month period.
6
A discovery assessment or a discovery determination may be made in relation to the error, ignoring any time limit which would otherwise prevent that happening.
7
But such an assessment or determination may not be made in reliance on sub-paragraph (6) above more than 24 months after the end of the accounting period mentioned in sub-paragraph (4) above.
8
Expressions used in this paragraph and in Schedule 18 to FA 1998 have the same meaning in this paragraph as in that Schedule.