# Finance Act 1998, Paragraph 76

Extent: E+W+S+N.I.

(1) If an officer of Revenue and Customs discovers that any ... relief which has been given is or has become excessive, he may make an assessment to tax in the amount which in his opinion ought to be charged.
(2) This power is without prejudice to—
(a) the power to make a discovery assessment under paragraph 41(1);
(b) the making of all such adjustments by way of discharge or repayment of tax or otherwise as may be required where a claimant company has obtained too much relief, or a surrendering company has forgone relief in respect of a corresponding amount.
(3) If an assessment under this paragraph is made because a claimant company fails, or is unable, to amend its company tax return under paragraph 75(6), the assessment is not out of time if it is made within one year from—
(a) the date on which the surrendering company gives notice of the withdrawal of consent, or (if later) sends a copy of a new notice of consent, to the claimant company under paragraph 75(3), or
(b) the date on which an officer of Revenue and Customs sends the claimant company a copy of a notice containing his directions under paragraph 75(4).

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Source: https://www.legislation.gov.uk/ukpga/1998/36/schedule/18/paragraph/76 (the official version)
Page: https://openlegislation.uk/finance-act-1998/schedule-18/paragraph-76
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.