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| |
| |
|
| | (b) | a determination or modification of a determination under the provision |
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| | mentioned in paragraph 9(1)(d) or 27(1)(c) above. |
|
| | (3) | The return may be amended under paragraph 15 of Schedule 18 to FA 1998 so |
|
| | as to remedy the error, ignoring any time limit which would otherwise prevent |
|
| | |
| | (4) | But an amendment may not be made in reliance on sub-paragraph (3) above |
|
| | more than 12 months after the end of the accounting period of the company |
|
| | during which (as the case may be)— |
|
| | (a) | the agreement is made, or |
|
| | (b) | the determination or modification of a determination is made. |
|
| | (5) | Sub-paragraphs (6) and (7) below apply if the company does not amend the |
|
| | return so as to remedy the error before the end of that 12 month period. |
|
| | (6) | A discovery assessment or a discovery determination may be made in relation |
|
| | to the error, ignoring any time limit which would otherwise prevent that |
|
| | |
| | (7) | But such an assessment or determination may not be made in reliance on sub- |
|
| | paragraph (6) above more than 24 months after the end of the accounting |
|
| | period mentioned in sub-paragraph (4) above. |
|
| | (8) | Expressions used in this paragraph and in Schedule 18 to FA 1998 have the |
|
| | same meaning in this paragraph as in that Schedule. |
|
| | Modification of transfer schemes: other persons and partnerships |
|
| | 44 (1) | This paragraph applies if— |
|
| | (a) | a person delivers a return under section 8, 8A or 12AA of TMA 1970, |
|
| | (b) | subsequently, an agreement is made modifying a transfer scheme |
|
| | under paragraph 14 of Schedule 12 to this Act, and |
|
| | (c) | as a result of that, the return is incorrect. |
|
| | (2) | The return may be amended under section 9ZA or 12ABA of TMA 1970 so as |
|
| | to remedy the error, ignoring any time limit which would otherwise prevent |
|
| | |
| | (3) | But an amendment may not be made in reliance on sub-paragraph (2) above |
|
| | more than 12 months after the end of the year of assessment during which the |
|
| | agreement modifying the transfer scheme is made. |
|
| | (4) | If the return is amended under section 12ABA in reliance on sub-paragraph (2) |
|
| | above, subsection (3) of that section applies, ignoring any time limit which |
|
| | would otherwise prevent the officer from proceeding under that subsection. |
|
| | (5) | Sub-paragraphs (6) and (7) below apply if the return is not amended under |
|
| | section 9ZA or 12ABA so as to remedy the error before the end of the 12 |
|
| | month period mentioned in sub-paragraph (3) above. |
|
| | (6) | An officer of Revenue and Customs may proceed under section 29(1) or |
|
| | 30B(1) and (2) of TMA 1970 in relation to the error, ignoring any time limit |
|
| | which would otherwise prevent the officer from so proceeding. |
|
| | (7) | But an assessment or an amendment may not be made in reliance on sub- |
|
| | paragraph (6) above more than 24 months after the end of the year of |
|
| | assessment mentioned in sub-paragraph (3) above. |
|
| | Power to make further provision in relation to transfer schemes |
|
| | 45 (1) | The Treasury may by regulations make provision for varying the way in which |
|
| | a relevant tax has effect from time to time (including by virtue of this |
|
| | Schedule) in relation to— |
|
| | (a) | any property, rights or liabilities transferred in accordance with a |
|
| | |
|
|
| |
| |
|
| | (b) | anything done for the purposes of, or in relation to, or in consequence |
|
| | of, the transfer of any property, rights or liabilities in accordance with |
|
| | |
| | (2) | The provision that may be made under sub-paragraph (1)(a) includes, in |
|
| | particular, provision for— |
|
| | (a) | a tax provision not to apply, or to apply with modifications, in relation |
|
| | to any property, rights or liabilities transferred; |
|
| | (b) | any property, rights or liabilities transferred to be treated in a specified |
|
| | way for the purposes of a tax provision; |
|
| | (c) | the Secretary of State to be required or permitted, with the consent of |
|
| | the Treasury, to determine, or to specify the method for determining, |
|
| | anything which needs to be determined for the purposes of any tax |
|
| | provision so far as relating to any property, rights or liabilities |
|
| | |
| | (3) | The provision that may be made under sub-paragraph (1)(b) includes, in |
|
| | particular, provision for— |
|
| | (a) | a tax provision not to apply, or to apply with modifications, in relation |
|
| | to anything done for the purposes of, or in relation to, or in |
|
| | consequence of, the transfer; |
|
| | (b) | anything done for the purposes of, or in relation to, or in consequence |
|
| | of, the transfer to have or not to have a specified consequence or to be |
|
| | treated in a specified way; |
|
| | (c) | the Secretary of State to be required or permitted, with the consent of |
|
| | the Treasury, to determine, or to specify the method for determining, |
|
| | anything which needs to be determined for the purposes of any tax |
|
| | provision so far as relating to anything done for the purposes of, or in |
|
| | relation to, or in consequence of, the transfer. |
|
| | (4) | Regulations under sub-paragraph (1) may amend this Schedule (apart from this |
|
| | |
| | (5) | Regulations under sub-paragraph (1) may— |
|
| | (a) | make such supplementary, incidental or consequential provision as the |
|
| | |
| | (b) | make different provision for different cases. |
|
| | (6) | The power to make regulations under sub-paragraph (1) shall be exercisable by |
|
| | statutory instrument which shall be subject to annulment in pursuance of a |
|
| | resolution of the House of Commons. |
|
| | (7) | In this paragraph references to any property, rights or liabilities transferred in |
|
| | accordance with a transfer scheme include references to any property, rights or |
|
| | liabilities transferred, or any interests, rights or liabilities created, by virtue of |
|
| | paragraph 5 or 11 of Schedule 12 to this Act. |
|
| | (8) | In this paragraph references to the transfer of any property, rights or liabilities |
|
| | in accordance with a transfer scheme include references to the transfer of any |
|
| | property, rights or liabilities, or the creation of any interests, rights or |
|
| | liabilities, by virtue of paragraph 5 or 11 of Schedule 12 to this Act. |
|
| | |
| | “relevant tax” means income tax, corporation tax, capital gains tax, stamp |
|
| | duty, stamp duty land tax or stamp duty reserve tax, and |
|
| | “tax provision” means a provision of an enactment about a relevant tax. |
|
| | (10) | In sub-paragraph (9) “enactment” includes an enactment contained in an |
|
| | instrument made under an Act. |
|
| | (11) | Paragraph 18(3) of Schedule 12 to this Act applies for the purposes of this |
|
| | paragraph as it applies for the purposes of that Schedule. |
|
|
|
| |
| |
|
| | |
| | 46 | In section 35(3)(d) of TCGA 1992 (no gain no loss disposals), after sub- |
|
| | |
| | “(xviii) | paragraph 11 or 22 of Schedule (Transfer schemes: |
|
| | tax provisions) to the Crossrail Act 2008.”’. |
|
| |
| | Order of the Committee [22nd NOVEMBER] |
|
| | |
| | (1) | if proceedings on the Crossrail Bill are not completed at this day’s sitting, the |
|
| | |
| | (a) | on Thursdays when the House is sitting at 9.00 a.m. and 1.00 p.m., and |
|
| | (b) | on Tuesdays when the House is sitting at 10.30 a.m. and 4.00 p.m. |
|
| | (2) | That proceedings on the Bill be taken in the following order, namely, Clause |
|
| | 1; Schedule 1; Clause 2; Schedule 2; Clause 3; Schedule 3; Clause 4; |
|
| | Schedule 4; Clause 5; Schedule 5; Clause 6; Schedule 6; Clauses 7 to 10; |
|
| | Schedule 7; Clauses 11 to 15; Schedule 8; Clause 16; Schedule 9; Clause 17; |
|
| | Schedule 10; Clauses 18 to 45; Schedule 11; Clause 46; Schedule 12; Clauses |
|
| | 47 and 48; Schedule 13; Clause 49; Schedule 14; Clauses 50 to 57; Schedule |
|
| | 15; Clause 58; Schedule 16; Clauses 59 to 66; new Clauses, new Schedules, |
|
| | remaining proceedings on the Bill. |
|
| |
|