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HMRC internal manual

Compliance Handbook

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HM Revenue & Customs
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Assessing Time Limits: Tables of time limits for relevant taxes: Petroleum Revenue Tax

 

  Assessment Time limit Legislation
1 Normal assessment - default position 4 years from the end of the chargeable period OTA75/SCH2/PARA10(1A) as inserted by FA09/SCH51/PARA19
2 ‘Discovery’ or amended assessment where loss of tax or other relevant situation not due to careless or deliberate behaviour 4 years from the end of the chargeable period OTA75/SCH2/PARA12(1A) as inserted by FA09/SCH51/PARA20
3 ‘Discovery’ or amended assessment where loss of tax or relevant situation is due to careless behaviour of the participator or agent acting on his behalf. 6 years from the end of the chargeable period OTA75/SCH2/PARA12B(1) as inserted by FA09/SCH51/PARA22
4 ‘Discovery’ or amended assessment where loss of tax or other relevant situation is due to deliberate behaviour of the participator or agent acting on his behalf. 20 years from the end of the chargeable period OTA75/SCH2/PARA12B(2) as inserted by FA09/SCH51/PARA22
5 Amended assessment due to carry back of losses under S7(2) or (3) of OTA 1975. No time limit OTA75/SCH2/PARA12(1B)(a) as inserted by FA09/SCH51/PARA20(2)
6 Amended assessment due to notice of variation under para 9 of Sch 5 to OTA 1975. No time limit OTA75/SCH2/PARA12(1B)(b) as inserted by FA09/SCH51/PARA20(2)
7 Normal assessment - deferred return position. 4 years from the relevant time OTA75/SCH2/PARA12 as amended by FA09/SCH51/PARA21