CTM35160 - Income Tax: collection of tax on annual payments: time limits
ITA07/S959 and 960
The time limits provisions, including extended time limits, apply to assessments made under Chapter 15.
Extended time limits include the those which apply to
- loss of tax brought about carelessly or deliberately, TMA70/S36, and
- loss of tax involving offshore matter or offshore transfer, TMA70/S36A.
There are two time limits depending on the type of assessment raised.
- In most cases, apply the time limits as if the assessment related to the year of assessment in which the relevant return period ends. For example a return period to 31 March 2014 falls in the year of assessment 2013-14 so use the time limits for 2013-14.
- If the assessment is made in respect of a relevant payment not made in an accounting period (CTM35140), use the time limit relating to the year of assessment in which the payment is made.