Section 746 — Corporation Tax Act 2010: Counteraction notices

Counteraction notices 746 1 If—

a a company on which a notification is served under section 743 does not send a statutory declaration to an officer of Revenue and Customs under section 744 within 30 days of the issue of the notification, or b the tribunal to which such a declaration is sent under section 745 determines that there is a prima facie case for serving a notice on a company under this section, the corporation tax advantage in question is to be counteracted by adjustments.

2 The adjustments required to be made to counteract the corporation tax advantage and the basis on which they are to be made are to be specified in a notice served on the company by an officer of Revenue and Customs.

3 In this Part such a notice is referred to as a “ counteraction notice ”.

4 Any of the following adjustments may be specified—

a an assessment, b the nullifying of a right to repayment, c the requiring of the return of a repayment already made, or d the calculation or recalculation of profits or gains or liability to corporation tax.

5 Nothing in this section authorises the making of an assessment later than 6 years after the accounting period to which the corporation tax advantage relates.

6 This section is subject to— section 747 (timing of assessments in section 738 cases), and section 749(2) (effect of clearance notification under section 748).

7 But no other provision in the Corporation Tax Acts is to be read as limiting the powers conferred by this section.