Section 217J | Amendment of assessment by HMRC

(1)This section applies where a designated officer assesses a company’s unassessed transfer pricing profits for an accounting period under section 217H.

(2)If at any time before the end of the period for amendments a designated officer is satisfied that the total corporation tax charged at the UTPP rate on the company’s unassessed transfer pricing profits for the period is excessive, the designated officer must amend or withdraw the assessment accordingly.

(3)If at any time (whether or not before the end of the period for amendments) a designated officer is satisfied that one or more of the conditions mentioned in section 217C(1) do not apply in respect of unassessed transfer pricing profits so assessed, the designated officer must—

(a)withdraw the assessment, or

(b)amend the assessment to assess the unassessed transfer pricing profits to corporation tax not at the UTPP rate.

(4)Where an assessment is amended under subsection (2) or (3) any tax overpaid must be repaid.

(5)If a designated officer is satisfied at any time before the end of the period for amendments that the total corporation tax charged at the UTPP rate on the company’s unassessed transfer pricing profits for the period is insufficient, the designated officer may amend the assessment accordingly.

(6)An amendment under subsection (5) may not be made in the last 30 days of the period for amendments, unless the period for amendments ends by agreement in accordance with section 217I(4).