Part 5 Revenue Assessments
Finance Act 2003 (2003 c 14) | Legislation

Part 5 Revenue Assessments

Assessment where loss of tax discovered

28

(1)     If the Inland Revenue discover as regards a chargeable transaction that—

(a)     an amount of tax that ought to have been assessed has not been assessed, or

(b)     an assessment to tax is or has become insufficient, or

(c)     relief has been given that is or has become excessive,

they may make an assessment (a “discovery assessmentâ€) in the amount or further amount that ought in their opinion to be charged in order to make good to the Crown the loss of tax.

(2)     The power to make a discovery assessment in respect of a transaction for which the purchaser has delivered a return is subject to the restrictions specified in paragraph 30.

Assessment to recover excessive repayment of tax

29

(1)     If an amount of tax has been repaid to any person that ought not to have been repaid to him, that amount may be assessed and recovered as if it were unpaid tax.

(2)     Where the repayment was made with interest, the amount assessed and recovered may include the amount of interest that ought not to have been paid.

(3)     The

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