Commentary on Sections Example 3 £150(Pe) – £50(E) = £100 Section 191: Claim for relief to take account of event after assessment
744.This section allows adjustments to the figures in cases where subsequent events affect the amount chargeable. It derives in part from section 160(4A) of ICTA.
745.Subsection (1) introduces the claim.
746.Subsection (2) allows for the fact that interest may be paid after the tax liability for the year has been determined.
747.Subsection (3) allows for repayment of a loan that has been released or written off. Allowing a claim for a loan that has been released or written off is a minor change to the law. See Change 35 in Annex 1.
748.Subsection (4) provides for the situation where tax payable has been decided on the basis that the condition in section 288(1)(b) of this Act in respect of bridging loans will not be met and that condition is in fact met. It derives from section 191B(13) of ICTA.
749.Subsection (5) allows the adjustment to be made.