Section 217M | Appeal against assessment

(1)A company may only appeal against an assessment of its unassessed transfer pricing profits under section 217H or section 217J(5) where—

(a)the company has paid (in full) the corporation tax charged on the profits assessed other than any amount the payment of which has been postponed in accordance with section 217K, and

(b)the period for amendments has ended.

(2)Notice of an appeal must be given before the end of the period of 30 days beginning with—

(a)the end of the period for amendments, or

(b)in a case where section 217I(4) applies, the day after the day on which the period for amendments ends,

(and accordingly paragraph 48(2)(b) of Schedule 18 to FA 1998 does not apply).

(3)Subsection (4) applies where, on an appeal against an assessment of a company’s unassessed transfer pricing profits, the tribunal decides that the company is overcharged by the assessment as a result of one or more of the conditions mentioned in section 217C(1) not applying in respect of unassessed transfer pricing profits so assessed.

(4)The tribunal may, in addition to any other powers exercisable by the tribunal in those circumstances, reduce the tax charged on the amount assessed to assess the unassessed transfer pricing profits to corporation tax not at the UTPP rate.