Finance (No. 2) Act 2023 · Updated to 29 Dec 2023 · Chapter 18
238. Relief in respect of error or mistake under Part XI
Feedback & supportIf any Constituent Entity who has paid tax for any
Constituent Entity
“Constituent Entity” means— (a) any Entity that is included in a Group; or (b) any Permanent Establishment of a Main Entity that is within paragraph (a) and which is treated as separate from the Main Entity and any other Permanent Establishment of that Main Entity, but does not include an Excluded Entity;
Financial Year alleges that an assessment relating to that
Financial Year
“Financial Year” means an accounting period with respect to which the Ultimate Parent Entity of the Multinational Enterprise Group prepares its Consolidated Financial Statements and in the case of Consolidated Financial Statements as defined in paragraph (d) of the definition of “Consolidated Financial Statements”, Financial Year means the calendar year;
Financial Year is excessive by reason of some error or mistake in a return or statement made by it for the purposes of this
Part and furnished by it to the Director General prior to the
assessment becoming final and conclusive, the Constituent
Entity may within five Financial Years after the end of the
Entity
“Entity” means— (a) any legal person (other than a natural person); or (b) an arrangement that prepares separate financial accounts, such as a partnership or trust;
Financial Year within which the assessment was made make an application in writing to the Director General for relief and section 131 of this Act as far as it is applicable and with the necessary modifications, shall apply.