Paragraph 27

Section 50 of the Taxes Management Act 1970 (procedure) is amended as follows.

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For subsection (9) substitute—

“(9)

Where any amounts contained in a partnership statement are reduced under subsection (6) above or increased under subsection (7) above, an officer of the Board shall by notice to each of the relevant partners amend—

(a)

the partner’s self-assessment under section 9 of this Act, or

(b)

the partner’s company tax return,

so as to give effect to the reductions or increases of those amounts.”.