Section 257SB — Finance Act 2014: Time limits for assessments

Time limits for assessments 257SB 1 An officer of Revenue and Customs may—

a make an assessment for withdrawing or reducing the SI relief attributable to whole or any part of the investment, or b give a notice under section 257QS(3)(b), at any time not more than 6 years after the end of the relevant tax year.

2 In subsection (1) “ the relevant tax year ” means—

a the tax year containing the end of the 28 months beginning with the investment date, or b if later, the tax year in which occurs the event which causes the SI relief to be withdrawn or reduced.

3 Subsection (1) is without prejudice to section 36(1A) of TMA 1970 (loss of tax brought about deliberately etc).