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| For other Amendment(s) see the following page(s):
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| Finance Bill Committee 157-165 |
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| (Except Clauses 7, 8, 9, 11, 14, 16, 20 and 92)
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| Schedule 46, page 343, line 2, leave out paragraph 16 and insert— |
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| | ‘15A | The Treasury may by regulations define “appropriate tax accounting |
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| Schedule 46, page 338, line 34, leave out ‘large’ and insert ‘qualifying’. |
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| Schedule 46, page 338, line 35, leave out ‘and each of its subsidiaries (if any)’. |
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| Schedule 46, page 339, line 1, leave out ‘large’ and insert ‘qualifying’. |
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| Schedule 46, page 339, line 3, leave out ‘and its subsidiaries (if any)’. |
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| Schedule 46, page 339, line 18, leave out ‘large’ and insert ‘qualifying’. |
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| Schedule 46, page 339, leave out lines 21 to 25 and insert— |
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| | ‘() | The certificate must— |
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| | (a) | state whether the company’. |
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| Schedule 46, page 339, line 28, leave out ‘giving’ and insert ‘if it did not, give’. |
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| Schedule 46, page 339, line 29, leave out ‘and its subsidiaries (if any)’. |
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| Schedule 46, page 339, line 30, leave out from ‘arrangements’ to end of line 32. |
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| Schedule 46, page 339, line 36, after third ‘the’, insert ‘company’s’. |
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| Schedule 46, page 339, line 38, at end insert— |
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| | ‘() | A certificate may relate to more than one qualifying company.’. |
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| Schedule 46, page 339, line 40, leave out ‘large company must notify the |
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| Commissioners’ and insert ‘qualifying company must ensure that the Commissioners are |
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| Schedule 46, page 340, line 3, after third ‘the’, insert ‘company’s’. |
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| Schedule 46, page 340, line 6, at end insert— |
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| | ‘() | A notification may relate to more than one qualifying company.’. |
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| Schedule 46, page 340, line 14, leave out paragraph 6. |
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| Schedule 46, page 340, leave out lines 37 to 40. |
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| Schedule 46, page 341, line 6, leave out ‘2 or’. |
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| Schedule 46, page 341, line 7, leave out ‘6 or’. |
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| Schedule 46, page 341, line 11, leave out ‘large’ and insert ‘qualifying’. |
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| Schedule 46, page 341, line 11, leave out ‘it fails to notify the Commissioners of |
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| the name’ and insert ‘, for a financial year, the Commissioners are not notified of the name |
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| Schedule 46, page 341, line 16, leave out ‘large’ and insert ‘qualifying’. |
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| Schedule 46, page 341, line 30, leave out ‘large’ and insert ‘qualifying’. |
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| Schedule 46, page 341, line 40, after third ‘the’ insert ‘company’s’. |
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| Schedule 46, page 341, line 41, at end insert— |
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| | ‘() | HMRC may not assess a person who is the senior accounting officer of a |
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| | company (“C”) as liable to a penalty under paragraph 5 or 7 for a financial year |
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| | (“the relevant financial year”) if— |
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| | (a) | at any time in the relevant financial year the person was the senior |
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| | accounting officer of another company that was a member of the same |
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| | (b) | HMRC has assessed the person as liable, as the senior accounting |
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| | officer of the other company, to a penalty under that paragraph for a |
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| | financial year that ends on a day in the relevant financial year. |
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| | () | HMRC may not assess a company (“C”) as liable to a penalty under paragraph |
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| | 9 for a financial year (“the relevant financial year”) if— |
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| | (a) | C was a member of a group at the end of that year, and |
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| | (b) | HMRC has assessed another company that was a member of the same |
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| | group as C at that time as liable to a penalty under that paragraph— |
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| | (i) | for its financial year ending on the same day as the relevant |
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| | (ii) | if its financial year does not end on that day, for its financial |
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| | year ending last before that day.’. |
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| Schedule 46, page 342, line 25, leave out ‘6,’. |
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| Schedule 46, page 343, line 3, leave out from ‘enable’ to end of line 4 and insert |
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| ‘the company’s relevant liabilities to be calculated accurately in all material respects.’. |
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| Schedule 46, page 343, leave out lines 7 and 8 and insert— |
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| | ‘() | “Relevant liabilities”, in relation to a company, means liabilities in respect |
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| | (a) | corporation tax (including any amount assessable or chargeable as if it |
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| | (c) | amounts for which the company is accountable under PAYE |
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| | (d) | insurance premium tax, |
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| | (f) | stamp duty reserve tax, |
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| | (g) | petroleum revenue tax, |
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| Schedule 46, page 343, leave out lines 10 to 15 and insert— |
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| | ‘Meaning of “qualifying company” |
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| | 17 (1) | A company is a qualifying company in relation to a financial year if the |
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| | qualification test was satisfied in the previous financial year (subject to any |
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| | regulations under sub-paragraph (2)). |
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| | (1A) | The qualification test is that the company satisfied either or both of the |
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| | | | | | 2. Relevant balance sheet total |
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| | (1B) | If the company was not a member of a group at the end of the previous |
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| | (a) | “relevant turnover” means the company’s turnover, and |
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| | (b) | “relevant balance sheet total” means the company’s balance sheet |
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| | (1C) | If the company was a member of a group at the end of the previous financial |
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| | (a) | “relevant turnover” means the aggregate turnover of the company |
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| | (“C”) and any other company that was a member of the same group as |
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| | C at the end of C’s previous financial year, and |
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| | (b) | “relevant balance sheet total” means the aggregate balance sheet totals |
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| | of C and any such company. |
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| | (1D) | If the financial year of a company that was a member of the same group as C |
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| | does not end on the same day as C’s previous financial year, the figures for that |
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| | company that are to be included in the aggregate figures are the figures for that |
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| | company’s financial year ending last before the end of C’s previous financial |
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| | (1E) | “Turnover”, in relation to a company, has the same meaning as in Part 15 of |
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| | the Companies Act 2006 (see section 474 of that Act). |
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| | (1F) | “Balance sheet total”, in relation to a company and a financial year, means the |
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| | aggregate of the amounts shown as assets in the company’s balance sheet as at |
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| | the end of the financial year.’. |
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| Schedule 46, page 343, line 17, leave out ‘large’ and insert ‘qualifying’. |
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| Schedule 46, page 343, leave out lines 20 to 22 and insert— |
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| | ‘() | “Senior accounting officer”, in relation to a company that is not a member of |
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| | a group, means the director or officer who, in the company’s reasonable |
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| | opinion, has overall responsibility for the company’s financial accounting |
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| | () | “Senior accounting officer”, in relation to a company that is a member of a |
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| | group, means the group director or officer who, in the company’s reasonable |
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| | opinion, has overall responsibility for the company’s financial accounting |
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| | () | “Group director or officer”, in relation to a company, means a director or |
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| | officer of the company or of a relevant body that is a member of the same group |
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| | () | A person may be the senior accounting officer of more than one company.’. |
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| Schedule 46, page 343, leave out lines 29 to 32. |
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| Schedule 46, page 343, line 35, leave out from ‘“company”’ to end of line 36 and |
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| insert ‘has the same meaning as in the Companies Acts (see section 1(1) of the Companies |
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| Act 2006) but does not include a company that is an open-ended investment company |
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| (within the meaning of section 468A of ICTA) or an investment trust (within the meaning |
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| of section 842 of ICTA);’. |
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| Schedule 46, page 343, leave out lines 39 and 40. |
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| Schedule 46, page 344, line 2, at end insert— |
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| | ‘“relevant body” means a company or other body corporate but does not |
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| | include a limited liability partnership;’. |
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| Schedule 46, page 344, leave out lines 3 to 5. |
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| Schedule 46, page 344, line 7, at end insert— |
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| | ‘(2) | For the purposes of this Schedule— |
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| | (a) | a relevant body is a member of a group if— |
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| | (i) | another relevant body is its 51 per cent subsidiary, or |
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| | (ii) | it is a 51 per cent subsidiary of another relevant body, and |
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| | (b) | two relevant bodies are members of the same group if— |
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| | (i) | one is a 51 per cent subsidiary of the other, or |
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| | (ii) | both are 51 per cent subsidiaries of a third relevant body. |
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| | (3) | Section 838 of ICTA (meaning of “51 per cent subsidiary”) applies for the |
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| | purposes of this Schedule as it applies for the purposes of the Corporation Tax |
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| | Acts (subject to the modification in sub-paragraph (4)). |
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| | (4) | It applies as if references in that section to a body corporate were to a relevant |
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| Clause 93, page 46, line 27, leave out from ‘paragraph’ to end of line 36 and insert |
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| ‘10 of Schedule 24 to FA 2007, or |
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| | (b) | paragraph 13 of Schedule 41 to FA 2008, |
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| | | (reductions for disclosure) to the full extent permitted.’. |
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| Schedule 47, page 348, line 11, leave out from ‘person’ to ‘the’ in line 13 and insert |
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| | (a) | it appears to an officer of Revenue and Customs that a counteraction |
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| | provision may apply to the person by reason of one or more transactions, |
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| Clause 104, page 52, line 17, at end insert— |
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| | ‘( ) | In the following provisions, for the words from “the same rate” to the end |
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| | substitute “the rate applicable under section 178 of the Finance Act 1989”— |
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| | (a) | section 48(1) of FA 1975 (interest on repayment of estate duty), and |
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| | (b) | section 235(1) of IHTA 1984 (interest on overpaid inheritance tax). |
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| | ( ) | In section 178(2) of FA 1989 (setting of rates of interest)— |
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| | (a) | after paragraph (g) insert— |
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| | “(ga) | section 48(1) of the Finance Act 1975,”, and |
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| | (b) | in paragraph (k), after “sections 233” insert “, 235(1)”.’. |
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| Schedule 55, page 400, line 30, after ‘P’, insert ‘first’. |
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| Schedule 55, page 400, line 34, leave out ‘P is not liable’. |
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| Schedule 55, page 400, line 35, after ‘applies’ insert— |
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| | ‘(a) | paragraphs 10(2)(b) and 11(5)(b) do not apply, and |
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| Schedule 55, page 400, line 37, leave out from first ‘the’ to end of line 38 and insert |
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| ‘date on which P first made a return’. |
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| Schedule 56, page 406, line 38, column 3, leave out from ‘Amount’ to end of |
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| line 41 and insert ‘charged in an assessment under paragraph 11(1) of Schedule 2 to OTA |
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| Schedule 56, page 407, line 7, at end insert— |
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| | | Amount charged in an assessment |
| The date falling 6 months and 30 days |
| | | | | | made where participator fails to |
| after the end of the chargeable period’. |
| | | | | | deliver return for a chargeable period |
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| Schedule 56, page 407, line 9, column 2, leave out ‘or 9 to 11’ and insert ‘, 9 or |
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| Schedule 56, page 407, line 38, at end insert— |
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| | | Amount charged in an assessment, or |
| The date falling 30 days after— |
| | | | | | an amendment of an assessment, |
| (a) | the date by which the amount |
| | | | | | made in circumstances other than |
| | | | | | | those set out in items 11 and 15A |
| (b) | the date on which the assess- |
| | | | | | | ment or amendment is made, |
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| Schedule 56, page 407, line 40, column 2, leave out ‘or 9 to 11’ and insert ‘, 9 |
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