Section 319 Source of incomeI1

United Kingdom

(1)

For the purpose of the exercise by F1the National Crime Agency of any function vested in F2 it by virtue of this Part it is immaterial that the National Crime Agency cannot identify a source for any income.

(2)

An assessment made by the National Crime Agency under section 29 of the Taxes Management Act 1970 (c. 9) (assessment where loss of tax discovered) in respect of income charged to tax under F3Chapter 8 of Part 5 of the Income Tax (Trading and Other Income) Act 2005 must not be reduced or quashed only because it does not specify (to any extent) the source of the income.

(3)

If the National Crime Agency serves on the Board a notice of withdrawal under section 317(4), any assessment made by the National Crime Agency under section 29 of the Taxes Management Act 1970 is invalid to the extent that it does not specify a source for the income.

(4)

Subsections (2) and (3) apply in respect of years of assessment whenever occurring.

Annotations

Textual amendments

F1: Words in s. 319 substituted (7.10.2013) by Crime and Courts Act 2013 (c. 22), s. 61(2), Sch. 8 para. 124; S.I. 2013/1682, art. 3(v)
F2: Word in s. 319(1) substituted (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 95(2)(b); S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)
F3: Words in s. 319(2) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 582 (with Sch. 2)

Commencement

I1: S. 319 in force at 24.2.2003 by S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)

Notes on Part 6

Modifications

C1: Pt. 6: power to repeal conferred (1.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 8 para. 102; S.I. 2008/755, art. 2(1)(a) (with arts. 3-14)