Section 372 — Income Tax Act 2007: Manner of withdrawal or reduction of CITR

Manner of withdrawal or reduction of CITR 372 1 This section applies if any CITR has been obtained which falls to be withdrawn or reduced under this Chapter.

2 The CITR must be withdrawn or reduced by making an assessment to income tax for the tax year for which the CITR was obtained.

3 No assessment may be made under subsection (2) because of any event occurring after the death of the investor.

4 An assessment under this paragraph may be made at any time not more than 6 years after the end of the tax year for which the relief was obtained.

5 Subsection (4) is without prejudice to section 36(1A) of TMA 1970 (loss of tax brought about deliberately etc ).