Taxes Consolidation Act 1997 Schedule 2 paragraph 16

Assessments

Paragraph 16 of Schedule 2 empowers an inspector to raise assessments on encashment tax where returns are missing or incorrect, and sets out the payment and appeal rules for such assessments.

• An inspector may make an estimated assessment where a return has not been made, is incorrect, or is unsatisfactory.
• For interest purposes, the tax is treated as having been due on the date it would have been payable had a correct return been filed on time.
• Tax under the assessment is due within one month of the notice of assessment, unless an earlier due date applies under paragraph 15.
• Any tax overpaid following the determination of an appeal against the assessment must be repaid.