CH57100 | Assessing Time Limits: Tables of time limits for relevant taxes: Petroleum Revenue Tax

1. Assessment

Normal assessment - default position

Time Limit

4 years from the end of the chargeable period

Legislation

OTA75/SCH2/PARA10(1A) as inserted by FA09/SCH51/PARA19

2a. Assessment

‘Discovery’ or amended assessment where loss of tax or other relevant situation not due to careless or deliberate behaviour

Time Limit

4 years from the end of the chargeable period

Legislation

OTA75/SCH2/PARA10(1A) as inserted by FA09/SCH51/PARA19

2b. Assessment

‘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.

Time Limit

6 years from the end of the chargeable period

Legislation

OTA75/SCH2/PARA12B(1) as inserted by FA09/SCH51/PARA2

2c. Assessment

‘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.

Time Limit

20 years from the end of the chargeable period

Legislation

OTA75/SCH2/PARA12B(2) as inserted by FA09/SCH51/PARA22

3a. Assessment

Amended assessment due to carry back of losses under S7(2) or (3) of OTA 1975.

Time Limit

No time limit

Legislation

OTA75/SCH2/PARA12(1B)(a) as inserted by FA09/SCH51/PARA20(2)

3b. Assessment

Amended assessment due to notice of variation under para 9 of Sch 5 to OTA 1975.

Time Limit

No time limit

Legislation

OTA75/SCH2/PARA12(1B)(b) as inserted by FA09/SCH51/PARA20(2)

4. Assessment

Normal assessment - deferred return position.

Time Limit

4 years from the relevant time

Legislation

OTA75/SCH2/PARA12 as amended by FA09/SCH51/PARA21