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Paragraph 12

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

Section 29 of the Taxes Management Act 1970 (assessment where loss of tax discovered) is amended as follows.

(2)

In subsection (1) for “profits which ought to have been assessed to tax" substitute “ income which ought to have been assessed to income tax, or chargeable gains which ought to have been assessed to capital gains tax, ”.

(3)

For “chargeable period", wherever it occurs, substitute “ year of assessment ”.

(4)

In subsections (2), (3), (5)(a), (6)(a) and (7)(a) for “section 8, 8A or 11" substitute “ section 8 or 8A ”.

(5)

In subsection (3)(b) omit “in the case of a return under section 8 or 8A,".

(6)

Omit subsection (10).