Paragraph 87

United Kingdom

(1)

This paragraph applies where a company tax return is delivered by a friendly society which is required by section F15.2 of the F2IPRU (FSOC) to cause an investigation to be made into its financial condition at least once in every period of three years.

(2)

Where this paragraph applies—

(a)

the society may make any amendments of its return arising from the relevant investigation at any time within 15 months from the date as at which that investigation is carried out, and

(b)

F3an officer of Revenue and Customs may give notice of enquiry into the return at any time up to 27 months from that date.

(3)

“The relevant investigation” means—

(a)

if the return is for a period as at the end of which there is carried out an investigation under section 5.2 of the F4IPRU (FSOC) into the financial condition of the society, that investigation;

(b)

if the return is not for such a period, the first such investigation to be made into the financial condition of the company as at the end of a subsequent period.

F5(4)

In this paragraph, “IPRU (FSOC)” means the Interim Prudential Sourcebook for Friendly Societies made by the Prudential Regulation Authority under the Financial Services and Markets Act 2000.

Annotations

Textual amendments

F1: Words in Sch. 18 paras. 87(1)(3) substituted (1.12.2001 with effect as mentioned in art. 103(5) of the amending S.I.) by S.I. 2001/3629, art. 103(4)(a)(5)
F2: Words in Sch. 18 para. 87(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments) Order 2013 (S.I. 2013/636), art. 1(2), Sch. para. 5(2)
F3: 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)
F4: Words in Sch. 18 para. 87(3)(a) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments) Order 2013 (S.I. 2013/636), art. 1(2), Sch. para. 5(3)
F5: Sch. 18 para. 87(4) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments) Order 2013 (S.I. 2013/636), art. 1(2), Sch. para. 5(4)

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))