HC Deb 23 March 1998 vol 309 cc147-8

Resolved,

That—

(1) In section 806 of the Income and Corporation Taxes Act 1988, after subsection (2) there shall be inserted the following subsections—

"(3) Subject to subsection (5) below, where—

that person shall give notice in writing to an officer of the Board that an adjustment has been made that has rendered the amount of the credit excessive.

(4) A notice under subsection (3) above must be given within one year from the time of the making of the adjustment.

(5) Subsections (3) and (4) above do not apply where the adjustment is one the consequences of which in relation to the credit fall to be given effect to in accordance with regulations made under—

(6) A person who fails to comply with the requirements imposed on him by subsections (3) and (4) above in relation to any adjustment shall be liable to a penalty of an amount not exceeding the amount by which the credit allowed has been rendered excessive by reason of the adjustment."

(2) This Resolution has effect in relation to adjustments made on or after 17th March 1998.

And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.