Finance (Miscellaneous Provisions) Act, 1968


Corporation Profits Tax

Limits of time for making of assessments.

13.—(1) Notwithstanding anything contained in section 24 (1) of the Finance Act, 1946 , and subject to any provision allowing a longer period in any class of case, no assessment to corporation profits tax shall be made more than ten years after the end of the accounting period to which it relates, or for any accounting period ending before the 1st day of April, 1961:

Provided that where any form of fraud or neglect has been committed by or on behalf of any company in connection with or in relation to corporation profits tax, an assessment may be made on that company at any time for any accounting period ending on or after the 1st day of January, 1941, for which, by reason of the fraud or neglect, corporation profits tax would otherwise be lost to the Exchequer.

(2) An objection to the making of any assessment on the ground that the time limited for the making thereof has expired shall only be made on appeal from the assessment.

(3) In this section “neglect” means negligence or a failure to give any notice, to make any return, statement or declaration, or to produce or furnish any list, document or other information required by or under the enactments relating to corporation profits tax:

Provided that a person shall be deemed not to have failed to do anything required to be done within a limited time if he did it within such further time, if any, as the Revenue Commissioners or officer concerned may have allowed; and where a person had a reasonable excuse for not doing anything required to be done, he shall be deemed not to have failed to do it if he did it without unreasonable delay after the excuse had ceased.