Clause 270 - Extended time limit for assessment

Finance Bill – in a Public Bill Committee at 4:15 pm on 17 June 2014.

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Amendment made: 48, in clause 270, page 180, line 45, at end insert—

‘( ) In section 240 of IHTA 1984 (underpayments)—

(a) in subsection (3) for “and (5)” substitute “to (5A)”,

(b) in subsection (5), for “those dates” substitute “the dates in subsection (2)(a) and (b)”,

(c) after subsection (5) insert—

“(5A) Proceedings in a case involving a loss of tax attributable to arrangements which were expected to give rise to a tax advantage in respect of which a person liable for the tax was under an obligation to make a report under section 246 of the Finance Act 2014 (duty to notify Commissioners of promoter reference number) but failed to do so, may be brought at any time not more than 20 years after the later of the dates in subsection (2)(a) and (b).”, and

(d) in subsection (8), for “, (5) and (6)” substitute “to (6)”.’—(Mr Gauke.)

Clause 270, as amended, ordered to stand part of the Bill.

Clause 271 ordered to stand part of the Bill.