Paragraph 64 C1

(1)

If in any case—

(a)

one or more claims, elections, applications or notices are made, given, revoked or varied under paragraph 62 in consequence of an amendment or assessment, and

(b)

the total of the reductions in liability to tax resulting from that action would exceed the additional liability to tax resulting from the amendment or assessment,

the excess is not available to reduce any liability to tax.

(2)

Where sub-paragraph (1) has the effect of limiting either—

(a)

the reduction in a person’s liability to tax for more than one period, or

(b)

the reduction in the liability to tax of more than one person,

the limited amount shall be apportioned between the periods or persons concerned.

(3)

The apportionment shall be made in such manner as F1an officer of Revenue and Customs may specify by notice in writing to the person or persons concerned, unless notice is given under the following provision.

(4)

If the person concerned gives (or the persons concerned jointly give) notice in writing to an officer of Revenue and Customs within the period of 30 days beginning with—

(a)

the day on which notice under sub-paragraph (3) is given to the person concerned, or

(b)

where more than one person is concerned, the latest date on which such notice is given to any of them,

the apportionment shall be made in such manner as may be specified in the notice given by the person or persons concerned.

(5)

In this paragraph “tax” includes income tax or capital gains tax.

Annotations

Textual amendments

F1: Words in Sch. 18 substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 68(a); S.I. 2005/1126, art. 2(2)(h)

Modifications

C1: Sch. 18 para. 64 excluded (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 192(6)(b), 1184(1) (with Sch. 2)

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))