Section 269DK — Corporation Tax Act 2010: Excessive specifications of available surcharge allowance

Excessive specifications of available surcharge allowance 269DK 1 This section applies if—

a a banking company's company tax return for a chargeable accounting period—

i specifies an amount under section 269DE(2) or 269DJ(2) as its surcharge allowance for the period, or ii specifies an amount under section 371BI(2) of TIOPA 2010 (calculation of CFC charge on banking companies) for the period, and b the requirement in section 269DE(6) or (as the case may be) 269DJ(5) is not met.

2 The company must, so far at it may do so, amend the company tax return so that the requirement is met.

3 If an officer of Revenue and Customs considers that, as a consequence of the requirement not being met, an insufficient sum has been charged on the company under section 269DA, or at step 5 in section 371BC(1) of TIOPA 2010, for the chargeable accounting period, the officer may make an assessment to tax in the amount which in the officer's opinion ought to be charged.

4 The power in subsection (3) is without prejudice to the power to make a discovery assessment under paragraph 41(1) of Schedule 18 to FA 1998.

5 If an assessment under subsection (3) is made because a company fails, or is unable, to amend its company tax return in accordance with subsection (2) in consequence of the amount of group surcharge allowance allocated to it for an accounting period being altered, the assessment is not out of time if it is made within 12 months of the date on which the alteration took place.