Time-limits for assessments and claims have been aligned as part of HMRC’s review of its powers. The new time-limits are fully operational from 1st April 2009. The period from 1st April 2009 to 31st March 2010 will be a transitional period.

The existing and new time-limits are as follows:-

Income tax and CGT

Corporation tax

VAT

New

Assessments and claims

5 years and 10 months

6 years

3 years

4 years

Assessment – careless behaviours

5 years and 10 months

6 years

3 years

6 years (4 years for VAT)

Assessments – deliberate behaviours

20 years and 10 months

21 years

20 years

20 years

Assessments – failure to notify

20 years and 10 months

21 years

20 years

20 years

Assessments – undisclosed avoidance scheme

20 years and 10 months

21 years

20 years

20 years

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More Information

VAT Transition

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The new time-limits provided in FA 2008, Sch. 39 do not come into effect until 1st April 2010. If HMRC wish to raise an extended time-limit…

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