Finance Act 2012

Amendment of section 111 (assessment of tax due) of Principal Act.

91.— Section 111(1) of the Principal Act is amended—

(a) in paragraph (c) by substituting “to the person;” for “to the person,”,

(b) by inserting the following after paragraph (c):

“(d) the total amount of tax refunded to the person in accordance with an order under section 103 was greater than the amount (if any) properly refundable to that person,”,

and

(c) by substituting the following for paragraph (i):

“(i) may, in accordance with regulations but subject to section 113, make an assessment in one sum of—

(I) the total amount of tax which in his or her opinion should have been paid,

(II) the total amount of tax (including a nil amount) which in accordance with section 99(1) should have been refunded, or

(III) the total amount of tax (including a nil amount) which in accordance with the order under section 103 should have been refunded,

as the case may be, in respect of such period, and”.