{
  "url": "https://openlegislation.uk/finance-act-1998/schedule-18/paragraph-77K",
  "json_url": "https://openlegislation.uk/finance-act-1998/schedule-18/paragraph-77K.json",
  "legislation": "ukpga/1998/36",
  "legislation_title": "Finance Act 1998",
  "legislation_url": "https://openlegislation.uk/finance-act-1998",
  "path": "schedule/18/paragraph/77K",
  "kind": "paragraph",
  "number": "77K",
  "heading": null,
  "text": "(1) If an officer of Revenue and Customs discovers that any amount which is the subject of an allocation claim is or has become excessive, the officer may make an assessment to tax in the amount which in the officer's opinion ought to be charged.\n(2) This power is without prejudice to—\n(a) the power to make a discovery assessment under paragraph 41(1);\n(b) the making of all such adjustments by way of discharge or repayment of tax or otherwise as may be required where an amount claimed by company B on an allocation claim is excessive or company A has given consent to an allocation claim in respect of a corresponding amount.\n(3) If an assessment under this paragraph is made because company B fails, or is unable, to amend its company tax return under paragraph 77I(8), the assessment is not out of time if it is made within one year from—\n(a) the date on which company A gives notice of the withdrawal of consent, or (if later) sends a copy of a new notice of consent, to company B under paragraph 77I(4), or\n(b) the date on which an officer of Revenue and Customs sends company B a copy of a notice containing the officer's direction under paragraph 77I(7).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 18 Pt. 8A inserted (with effect in accordance with Sch. 7 para. 40 of the amending Act) by Finance Act 2021 (c. 26), Sch. 7 para. 16"
    }
  ],
  "outstanding_effects": [
    {
      "type": "omitted",
      "affecting": "ukpga/2024/3",
      "affecting_title": "Finance Act 2024"
    },
    {
      "type": "omitted",
      "affecting": "ukpga/2024/3",
      "affecting_title": "Finance Act 2024"
    },
    {
      "type": "omitted",
      "affecting": "ukpga/2024/3",
      "affecting_title": "Finance Act 2024"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1998/36/schedule/18/paragraph/77K",
    "retrieved_at": "2026-10-29T09:22:30.566925+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}