Taxes Management Act 1970 Schedule 3ZA paragraph 7

Amendment consequential on correction of partnership return by Revenue or tribunal determination of partnership dispute

Section 7 of Schedule 3ZA sets out when tax becomes payable or repayable by an individual partner whose self-assessment has been amended as a consequence of a correction to the partnership return, either by HMRC or following a tribunal determination.

• This paragraph applies where a partner's self-assessment is amended because the partnership return has been corrected by HMRC or following a tribunal determination of a partnership dispute.
• The amendment to the partner's personal or trustee return flows automatically from the correction made to the partnership return.
• Any resulting tax payable or repayable must be paid or repaid within 30 days of the date on which notice of the amendment was given to the partner.
• The deadline is specifically the day following the end of the 30-day period beginning with the day the notice was issued.