429 Claims and adjustments

Summary

This section provides the machinery for the making of claims for relief under this Chapter and for the making of adjustments where excessive relief has been granted. Group relief may be claimed by several companies each claiming for part of the loss, etc and a company may claim less than the full amount in respect of which it could make a claim.

Details

(1) A claim for group relief —

• need not be for the full amount of loss, etc available,
• is to require the consent of the surrendering company,
• must be made within 2 years from the end of the surrendering company’s accounting period for which the claim is made.

(2) Where the claimant company is a consortium member, each other member of the consortium must notify its consent to the inspector. The consent of the surrendering company is also required.

(3) If the inspector discovers that any group relief given is excessive, he/she may make an assessment to corporation tax under Case IV of Schedule D in the amount which should in his/her opinion be charged.

(4) The procedure under subsection (3) is without prejudice to section 919(5)(a)(iii), which deals with the making of amended assessments, or to the making of all such adjustments or discharges as achieve a correct result when group relief has been allowed in an excess amount.

Relevant Date: Finance Act 2021