COM152013 - CT Pay and File: assessments: loss determinations (S41 TMA 70): legislation
The legislation in connection with loss determinations and directions for CT Pay and File APs is mainly contained in S41A TMA70. The table below gives a brief explanation of what the legislation relevant to this subject contains.
Section | Explanation |
31 TMA 1970 | The right of appeal against assessments and claims. |
36(3) TMA 1970 | Allows an out of date claim to relief when an assessment has been made to recover tax lost due to the fraud or negligence of a company. |
41A TMA 1970 | Authority to determine trade losses or other surrenderable amounts. |
41A (6) TMA 1970 | Applies the provisions of Section 31 TMA 1970 to loss determinations. |
41A (8) TMA 1970 | The authority to make a NIL loss determination. |
41B TMA 1970 | Authority to reduce the amount of a determination already made. |
41B (3) TMA 1970 | Applies the provisions of Section 31 TMA 1970 to loss directions. |
41C TMA 1970 | Time limits for making determinations and directions. |
43A TMA 1970 | Authority to accept any relevant claim, election or application against a non-culpable discovery assessment. |
12(8) ICTA 1988 | When the dates of an AP are uncertain the Inspector can make an assessment for a period not exceeding 12 months, and it shall be treated for all purposes as an AP of the company. |
393(7) ICTA 1988 | Specifies the method of calculating a loss. |
403(3) ICTA 1988 | Allows the surrender of excess capital allowances that must be set against a specified class of income, to a company within the same group, as group relief. |
403(4) ICTA 1988 | Allows the surrender of excess management expenses to a company within the same group, as group relief. |
403(7) ICTA 1988 | Allows the surrender of excess charges within the same group, as group relief. |