Revenue Note for Guidance

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Revenue Note for Guidance

926 Estimation of certain amounts

(1) Where an assessment to income tax is being made before the end of the year of assessment (to which the assessment relates) on income taxable on a current year basis and the inspector is required to estimate the income and allowable deductions, he/she is to have due regard to the income, deductions and tax credits of the preceding year.

(2) If the taxpayer does not appeal against this assessment and within one year from the end of the year of assessment supplies details of the correct amount of income and deductions, the inspector will adjust the assessment and any overpaid income tax will be repaid.

Relevant Date: Finance Act 2020