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CTM35160 | Income Tax: collection of tax on annual payments: time limits

From HM Revenue & Customs · Company Taxation Manual

ITA07/S959 and 960

The time limits provisions, including extended time limits, apply to assessments made under CHAPTER15.

Extended time limits include the those which apply to

  • loss of tax brought about carelessly or deliberately, TMA70/S36, and

  • loss of tax involving offshore matter or offshore transfer, TMA70/S36A.

There are two time limits depending on the type of assessment raised.

  1. In most cases, apply the time limits as if the assessment related to the year of assessment in which the relevant return period ends. For example a return period to 31 March 2014 falls in the year of assessment 2013-14 so use the time limits for 2013-14.

  2. If the assessment is made in respect of a relevant payment not made in an accounting period, CTM35140, use the time limit relating to the year of assessment in which the payment is made.