Taxes Consolidation Act 1997 section 926

Estimation of certain amounts

Section 926 dealt with the basis on which an inspector could make an estimated assessment to income tax before the end of the year of assessment. This section was deleted by Finance Act 2012, section 129(2).

• Where an assessment to income tax was made before the end of the year of assessment on income taxable on a current year basis, the inspector was required to estimate the income and allowable deductions.
• In making that estimate, the inspector was obliged to have due regard to the taxpayer's income, deductions and tax credits for the preceding year of assessment.
• If the taxpayer did not appeal the estimated assessment and, within one year from the end of the relevant year of assessment, supplied the correct figures for income and deductions, the inspector was required to adjust the assessment accordingly.
• Any income tax overpaid as a result of the original estimate was to be repaid to the taxpayer once the adjustment was made.