OpenLegislation

Paragraph 24 I1I2I3I4I5I6I7

United Kingdom

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

(1)

References to a liability to tax which would have been shown in a return are references to the amount which, if a complete and accurate return had been delivered on the filing date, would have been shown to be due or payable by the taxpayer in respect of the tax concerned for the period to which the return relates.

C1(2)

In the case of a penalty which is assessed at a time before P makes the return to which the penalty relates—

(a)

HMRC is to determine the amount mentioned in sub-paragraph (1) to the best of HMRC's information and belief, and

(b)

if P subsequently makes a return, the penalty must be re-assessed by reference to the amount of tax shown to be due and payable in that return (but subject to any amendments or corrections to the return).

(3)

In calculating a liability to tax which would have been shown in a return, no account is to be taken of any relief under F1section 458 of CTA 2010 (relief in respect of repayment etc of loan) which is deferred under F2subsection (5) of that section.

Annotations

Textual amendments

F1

Words in Sch. 55 para. 24(3) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 723(a) (with Sch. 2)

F2

Words in Sch. 55 para. 24(3) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 723(b) (with Sch. 2)

Modifications

C1

Sch. 55 para. 24(2) modified by 2012 c. 14, Sch. 38 para. 26C(6) (as substituted (1.4.2026 with effect in relation to acts or omissions on or after that date) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 18)

Commencement

I1

Sch. 55 para. 24 in force at 1.4.2011 for specified purposes and 6.4.2011 for specified purposes by S.I. 2011/702, art. 2 (with art. 1(2))

I2

Sch. 55 para. 24 in force at 6.10.2011 for specified purposes by S.I. 2011/2391, art. 2(b) (with art. 3(1)(2))

I3

Sch. 55 para. 24 in force at 1.1.2015 for specified purposes by S.I. 2014/3269, art. 2

I4

Sch. 55 para. 24 in force at 17.7.2013 for specified purposes by 2013 c. 29, Sch. 34 para. 7(2)

Sch. 55 para. 24 in force at 6.10.2014 for specified purposes and 6.3.2015 for specified purposes by S.I. 2014/2395, art. 2(1)(b)

I5

Sch. 55 para. 24 in force at 6.4.2018 for specified purposes by S.I. 2018/468, art. 2(b)

I6

Sch. 55 para. 24 in force at 12.2.2019 for specified purposes by 2019 c. 1, Sch. 2 para. 29(3)

I7

Sch. 55 para. 24 in force at 1.4.2022 for specified purposes by S.I. 2021/1409, reg. 2(b)

Notes on Schedule 55

Modifications

C1

Sch. 55 modified (8.4.2010) by Finance Act 2010 (c. 13), Sch. 1 para. 38

C2

Sch. 55 applied by S.R. 2009/128, reg. 35 (as substituted (6.4.2011) by The Education (Student Loans) (Repayment) (Amendment) Regulations (Northern Ireland) 2011 (S.R. 2011/137), regs. 1(1), 8(a) (with reg. 12))

C3

Sch. 55 applied by S.I. 2009/470, reg. 40(1)(2) (as substituted (6.4.2011) by The Education (Student Loans) (Repayment) (Amendment) Regulations 2011 (S.I. 2011/784), regs. 1(1), 9 (with reg. 12(2)))

C4

Sch. 55 applied (with modifications) by S.I. 2001/1004, Sch. 4 para. 21G (as inserted (with effect in accordance with reg. 1(3) of the amending S.I.) by The Social Security (Contributions) (Amendment No. 4) Regulations 2014 (S.I. 2014/2397), regs. 1(1), 3(5))

C5

Sch. 55 applied (with modifications) by 1992 c. 4, s. 11A (as inserted (with effect in accordance with Sch. 1 para. 35 of the amending Act) by National Insurance Contributions Act 2015 (c. 5), Sch. 1 para. 3)

C6

Sch. 55 applied (with modifications) by 1992 c. 7, s. 11A (as inserted (with effect in accordance with Sch. 1 para. 35 of the amending Act) by National Insurance Contributions Act 2015 (c. 5), Sch. 1 para. 12)

C7

Sch. 55 applied (with modifications) (with application in accordance with reg. 1 of the amending S.I.) by The Education (Postgraduate Masters Degree Loans) Regulations 2016 (S.I. 2016/606), regs. 1(1), 50(1)(2)

C8

Sch. 55 modified (temp.) (with effect in accordance with Sch. 10 para. 43 of the amending Act) by Finance Act 2022 (c. 3), Sch. 10 para. 26 (as amended (5.1.2023) by S.I. 2022/1321, regs. 1, 2(2)

C9

Sch. 55 applied (14.9.2023) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) (No. 2) Regulations 2023 (S.I. 2023/912), regs. 1(2), 42(3) (with reg. 1(3))

C10

Sch. 55 applied (24.4.2025 for the tax year 2023-24 and subsequent tax years) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) Regulations 2025 (S.I. 2025/419), regs. 1(2)(3), 15(2)