Section 43A: Further assessments: claims etc., Taxes Management Act 1970

This section applies where—

... by virtue of section 29 of this Act an assessment to income tax or capital gains tax is made on any person for a year of assessment, and

the assessment is not made for the purpose of making good to the Crown any loss of tax brought about carelessly or deliberately by that person or by someone acting on behalf of that person.

Without prejudice to section 43(2) above but subject to section 43B below, where this section applies—

any relevant claim, election, application or notice which could have been made or given within the time allowed by the Taxes Acts may be made or given at any time within one year from the end of the year of assessment in which the assessment is made, and

any relevant claim, election, application or notice previously made or given may at any such time be revoked or varied—

in the same manner as it was made or given, and

by or with the consent of the same person or persons who made, gave or consented to it (or, in the case of any such person who has died, by or with the consent of his personal representatives),

except where by virtue of any enactment it is irrevocable.

In subsection (2) above, "claim, election, application or notice" does not include an election under—

... any of sections 47 to 49 of ITA 2007 (tax reductions for married couples and civil partners: elections to transfer relief),

section 55C of ITA 2007 (election to transfer allowance to spouse or civil partner),

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

section 35(5) of the Taxation of Chargeable Gains Act 1992 (election for assets to be re-based to 1982).

For the purposes of this section and section 43B below, a claim under Schedule 1AB is relevant in relation to an assessment for a year of assessment if it relates to that year of assessment.

For the purposes of this section and section 43B below, any other claim, election, application or notice is relevant in relation to an assessment for a year of assessment if—

it relates to that year of assessment or is made or given by reference to an event occurring in that year of assessment, and

it or, as the case may be, its revocation or variation has or could have the effect of reducing any of the liabilities mentioned in subsection (4) below.

The liabilities referred to in subsection (3) above are—

the increased liability to tax resulting from the assessment,

any other liability to tax of the person concerned for—

the year of assessment to which the assessment relates, or

any year of assessment which follows that year of assessment and ends not later than one year after the end of the year of assessment in which the assessment was made.

Where a claim, election, application or notice is made given, revoked or varied by virtue of subsection (2) above, all such adjustments shall be made, whether by way of discharge or repayment of tax or the making of assessments or otherwise, as are required to take account of the effect of the taking of that action on any person's liability to tax for any year of assessment.

The provisions of this Act relating to appeals against decisions on claims shall apply with any necessary modifications to a decision on the revocation or variation of a claim by virtue of subsection (2) above.

Section 43A: Further assessments: claims etc.

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