Beta This part of GOV.UK is being rebuilt – find out what this means

HMRC internal manual

COTAX Manual

From
HM Revenue & Customs
Updated
, see all updates

CT Pay and File: assessments: loss determinations (S41 TMA 70): legislation

The legislation in connection with loss determinations and directions for CT Pay and File APs is mainly contained in S41A TMA70. The table below gives a brief explanation of what the legislation relevant to this subject contains.

Section Explanation
   
31 TMA 1970 The right of appeal against assessments and claims.
36(3) TMA 1970 Allows an out of date claim to relief when an assessment has been made to recover tax lost due to the fraud or negligence of a company.
41A TMA 1970 Authority to determine trade losses or other surrenderable amounts.
41A (6) TMA 1970 Applies the provisions of Section 31 TMA 1970 to loss determinations.
41A (8) TMA 1970 The authority to make a NIL loss determination.
41B TMA 1970 Authority to reduce the amount of a determination already made.
41B (3) TMA 1970 Applies the provisions of Section 31 TMA 1970 to loss directions.
41C TMA 1970 Time limits for making determinations and directions.
43A TMA 1970 Authority to accept any relevant claim, election or application against a non-culpable discovery assessment.
12(8) ICTA 1988 When the dates of an AP are uncertain the Inspector can make an assessment for a period not exceeding 12 months, and it shall be treated for all purposes as an AP of the company.
393(7) ICTA 1988 Specifies the method of calculating a loss.
403(3) ICTA 1988 Allows the surrender of excess capital allowances that must be set against a specified class of income, to a company within the same group, as group relief.
403(4) ICTA 1988 Allows the surrender of excess management expenses to a company within the same group, as group relief.
403(7) ICTA 1988 Allows the surrender of excess charges within the same group, as group relief.