Section 648 Adjustments of liability

(1)

If an adjustment of a housing association's liability to corporation tax is necessary as a result of a claim under section 642, the adjustment may be made by an assessment, by repayment of tax or otherwise.

(2)

A housing association's liability to corporation tax may be adjusted by means of assessments or otherwise if—

(a)

a claim by the housing association under section 642 or 643 is included in a company tax return,

(b)

an enquiry is made into the tax return, and

(c)

an amendment is made to the tax return as a result of the enquiry.

(3)

A housing association's liability to corporation tax may be adjusted by means of assessments or otherwise if—

(a)

an enquiry is made under paragraph 5 of Schedule 1A to TMA 1970 into a claim made by the association under section 642 or 643, or into an amendment of such a claim, and

(b)

an amendment is made to the claim as a result of the enquiry.

(4)

Adjustments under subsection (2) or (3) may be made for all relevant accounting periods.