HMRC did not have a freestanding right to make or amend an assessment in order to bring gains into charge following a lapsed provisional business asset rollover relief claim, and HMRC’s purported amendment to the company’s tax return did not amount to a discovery assessment.
The respondent company realised chargeable gains in its accounting period ended 31 December 2007. It made a declaration in relation to the gains in its corporation tax return for the 2007 accounting period of an intention to acquire replacement business assets for rollover relief purposes (under TCGA 1992, s 153A). This resulted in no corporation tax being initially payable by the appellant in relation to the 2007 accounting period.
The gains became chargeable because no actual claim for rollover relief for the replacement of business assets was subsequently made within the applicable time limit. The company’s declaration ceased to have
