Section 209ABA | Adjustments under section 209: notices under Schedule 43D ^F1

From legislation.gov.uk

(1)This section applies in the case of any particular adjustments in respect of a particular period or matter (“the adjustments concerned”) if, in relation to a partnership—^F1

(a)the responsible partner is given a notice under paragraph 5 or 10 of Schedule 43D (“the Schedule 43D notice”) that specifies the adjustments concerned (whether or not other adjustments are specified),^F1

(b)the Schedule 43D notice is given within the relevant time limit applicable to the adjustments concerned, and^F1

(c)the adjustments concerned have not been specified in a protective GAAR notice given before the time at which the Schedule 43D notice is given.^F1

(2)The Schedule 43D notice is given within the relevant time limit if—^F1

(a)it is given within the ordinary assessing time limit applicable to the adjustments concerned, or^F1

(b)in a case where a tax enquiry is in progress into a partnership return made by the responsible partner and the particular adjustments concerned relate to the matters contained in the return, it is given no later than the time when the enquiry is completed.^F1

(3)The adjustments concerned have effect as if they are made by virtue of section 209.^F1

(4)If, in the case of the specified adjustments (whether made by virtue of section 209 or otherwise)—^F1

(a)notice of appeal is not given or notice of appeal is given but the appeal is subsequently withdrawn or determined by agreement, and^F1

(b)no final GAAR counteraction notice is given,^F1

the Schedule 43D notice has effect for all purposes (other than the purposes of section 212B) as if it had been given as a final GAAR counteraction notice (and, accordingly, as if the GAAR procedural requirements had been complied with).

(5)In any case not falling within subsection (4)—^F1

(a)the adjustments concerned have no effect (so far as they are made by virtue of section 209) unless they (or lesser adjustments) are subsequently specified in a final GAAR counteraction notice, but^F1

(b)the giving of the Schedule 43D notice is treated as meeting the requirements of section 209(6)(b) in the case of that final GAAR counteraction notice.^F1

(6)In subsection (1) “protective GAAR notice” means a protective GAAR notice given under section 209AA or paragraph 4 of Schedule 43D.^F1

(7)In this section “the responsible partner” and “partnership return” have the same meaning as in Schedule 43D.^F1