Paragraph 40 C1

United Kingdom

(1)

If after a determination has been made under paragraph 36—

(a)

the company delivers a company tax return for a period ending in or at the end of the period specified in the notice requiring a company tax return, and

(b)

the period is, or is treated in the return as, an accounting period,

the self-assessment included in that return supersedes the determination or, if there is more than one, the determination for the period which is, or most closely approximates to, the period for which the return is made.

(2)

If after a determination has been made under paragraph 37—

(a)

the company delivers a further company tax return for a period ending in or at the end of the period specified in the notice requiring a company tax return, and

(b)

the period is, or is treated in the return as, an accounting period,

the self-assessment included in that return supersedes the determination.

(3)

Sub-paragraphs (1) and (2) do not apply to a return made—

(a)

more than F13 years after the day on which the power to make the determination first became exercisable (see paragraph 36(2) or 37(2)), or

(b)

more than twelve months after the date of the determination,

whichever is the later.

(4)

Where—

(a)

F2proceedings have been begun for the recovery of any tax charged by a determination under paragraph 36 or 37, and

(b)

before the proceedings are concluded the determination is superseded by a self-assessment,

the proceedings may be continued as if they were proceedings for the recovery of so much of the tax charged by the self-assessment as is due and payable and has not been paid.

F3(5)

Where—

(a)

action is being taken under Part 1 of Schedule 8 to the Finance (No. 2) Act 2015 (enforcement of deduction from accounts) for the recovery of an amount (“the original amount”) of any tax charged by a determination under paragraph 36 or 37, and

(b)

before that action is concluded, the determination is superseded by a self-assessment,

that action may be continued as if it were action for the purposes of the recovery of so much of the tax charged by the self-assessment as is due and payable, has not been paid and does not exceed the original amount.

Annotations

Textual amendments

F1: Words in Sch. 18 para. 40(3) substituted (1.4.2010) by Finance Act 2008 (c. 9), s. 118(2), Sch. 39 para. 40; S.I. 2009/403, art. 2(2) (with art. 10)
F2: Words in Sch. 18 para. 40(4) substituted (11.5.2001 with application as mentioned in Sch. 29 para 17(3) of the amending Act) by 2001 c. 9, s. 88, Sch. 29 para. 17(2)
F3: Sch. 18 para. 40(5) inserted (18.11.2015) by Finance (No. 2) Act 2015 (c. 33), Sch. 8 para. 40

Modifications

C1: Sch. 18 para. 40 applied (with modifications) (with effect in accordance with reg. 1(2) of the amending S.I.) by The Lloyds Underwriters (Tax) Regulations 2005 (S.I. 2005/3338), regs. 1(1), 6

Notes on Schedule 18

Modifications

C1: Sch. 18 restricted (31.7.1998) by 1988 c. 1, s. 754B(10) (as inserted (31.7.1998 with effect as mentioned in Sch. 17 para. 37 of 1998 c. 36) by 1998 c. 36, s. 113, Sch. 17 para. 11)
C2: Sch. 18 modified (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 68(c); S.I. 2005/1126, art. 2(2)(h)
C3: Sch. 18 applied (20.7.2005) by Finance (No. 2) Act 2005 (c. 22), s. 61
C4: Sch. 18 applied (with modifications) (6.4.2006) by The Registered Pension Schemes (Accounting and Assessment) Regulations 2005 (S.I. 2005/3454), regs. 1, 13
C5: Sch. 18 excluded (17.7.2013) by Finance Act 2013 (c. 29), s. 210(6)(b)
C6: Sch. 18: power to amend conferred (12.2.2019) by Finance Act 2019 (c. 1), s. 87(5)(a)(6)
C7: Sch. 18 applied (with modifications) (22.7.2020) by Finance Act 2020 (c. 14), Sch. 16 para. 11(4) (with Sch. 16 para. 11(5))
C8: Sch. 18 applied (with modifications) (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 303(7)(8) (with s. 303(6))

Notes on Part V

Modifications

C1: Sch. 18 applied (20.7.2005) by Finance (No. 2) Act 2005 (c. 22), s. 61