[29 Assessment where loss of tax discovered]
Taxes Management Act 1970 (1970 c 9) | Legislation

[29  Assessment where loss of tax discovered]

[(1)     If an officer of the Board or the Board discover, as regards any person (the taxpayer) and a year of assessment—

[(a)     that an amount of income tax or capital gains tax ought to have been assessed but has not been assessed,]

(b)     that an assessment to tax is or has become insufficient, or

(c)     that any relief which has been given is or has become excessive,

the officer or, as the case may be, the Board may, subject to subsections (2) and (3) below, make an assessment in the amount, or the further amount, which ought in his or their opinion to be charged in order to make good to the Crown the loss of tax.

(2)     Where—

(a)     the taxpayer has made and delivered a return under section 8 or 8A of this Act in respect of the relevant year of assessment, and

(b)     the situation mentioned in subsection (1) above is attributable to an error or mistake in the return as to the basis on which his liability ought to have been computed,

the taxpayer shall not be assessed under that subsection in respect of the year of assessment

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