Assessing Time Limits: The Time Limits: What is the relevant tax period?
The relevant tax period is
- a year of assessment
- an accounting period for corporation tax, aggregates levy and climate change levy
- a prescribed accounting period
- the date of importation or acquisition, see below,
- the date of an event giving rise to a VAT penalty, see below,
- the relevant event for insurance premium tax and landfill tax
- the effective date of the transaction for stamp duty land tax
- the later of (1) the date on which the last payment was made and accepted and (2) the date on which the tax became due for inheritance tax
- the accountable date for stamp duty reserve tax
- the relevant chargeable period for petroleum revenue tax
- the period or point in time when the liability arose for excise duty.
Importation or acquisition (VAT)
A person may be liable to VAT on
- any goods imported into the UK from countries outside the EU, and
- any goods acquired in the UK from another EU member state that are
* subject to excise duty, or * consist of a new means of transport.
The date of importation (goods in 1 above) or acquisition (goods in 2 above) will determine the relevant tax period for the purposes of determining the time limit for assessing.
For importations and acquisitions made by non-taxable persons the relevant tax period will be a single day. A non-taxable person is an individual who is neither registered nor required to be registered for VAT.
Where the assessment is of a VAT penalty listed at CH51250, other than one in relation to the mandatory e-filing of VAT returns, the relevant tax period for the purposes of determining the time limit for assessing is the date of the event giving rise to the penalty.