277 Extended time limit for assessment
Finance Act 2014 (2014 c 26) | Legislation

277  Extended time limit for assessment

(1)     In section 36 of TMA 1970 (loss of tax brought about carelessly or deliberately), in subsection (1A)—

(a)     omit the ※” following paragraph (b), and

(b)     at the end of paragraph (c) insert

※

(d)     attributable to arrangements which were expected to give rise to a tax advantage in respect of which the person was under an obligation to notify the Commissioners for Her Majesty's Revenue and Customs under section 253 of the Finance Act 2014 (duty to notify Commissioners of promoter reference number) but failed to do so,”.

(2)     In paragraph 12B of Schedule 2 to OTA 1975 (extended time limits for assessment of petroleum revenue tax)—

(a)     in sub-paragraph (1), after “sub-paragraph (2)” insert “and (2A)”,

(b)     after sub-paragraph (2) insert—

“(2A)     In a case involving a relevant situation brought about by arrangements which were expected to give rise to a tax advantage

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