Finance Act, 1991
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Amendment of section 14 (amendment of and time limit for assessments) of Finance Act, 1988. |
49.— Section 14 of the Finance Act, 1988 , is hereby amended by the insertion in subsection (5) of “or, as respects capital gains tax, chargeable gains,” after “income, profits or gains”, and the said subsection (5), as so amended, is set out in the Table to this section. | |
TABLE | ||
(5) Section 186 of the Income Tax Act, 1967 , and section 144 (5) (a) of the Corporation Tax Act, 1976 , shall not apply in the case of a chargeable person for any relevant chargeable period and all matters which would have been included in an additional first assessment under those sections shall be included in an amendment of the first assessment or first assessments made in accordance with this section and, for this purpose, where any amount of income, profits or gains or, as respects capital gains tax, chargeable gains, was omitted from the first assessment or first assessments or the tax stated in the first assessment or first assessments was less than the tax payable by the chargeable person for that chargeable period, there shall be made such adjustments or additions (including the addition of a further first assessment) to the first assessment or first assessments as are necessary to rectify the omission or to ensure that the tax so stated is equal to the tax so payable by the chargeable person. |