Self Assessment (SA) is the system for assessing and collecting
income tax and capital gains tax. It was introduced by the Finance
Act 1994 with effect from the tax year commencing 6 April 1996.
Initially, SA only applied to taxpayers who were
individuals, trusts or partnerships. However, SA was extended to
taxpayer companies for accounting periods ending on or after 1 July
1999.
Prior to the introduction of SA, taxpayers were required to
supply information to HMRC in order that HMRC could issue an
assessment - the legal charge to tax. Under SA it is the taxpayer
who creates the legal charge to tax by making a self-assessment of
their liability for any year.
Detailed instructions for the conduct of enquiries under the
Self Assessment regime are given in HMRC Enquiry Manual (EM)
| Additional Guidance: SVM150000 |
