Taxes Management Act 1970 section 11AA

Return of profits to include self-assessment

Section 11AA requires that a company's tax return must include a self-assessment of its corporation tax liability, calculated by the company itself based on the information provided in the return.

• When a company files a corporation tax return, it must include its own calculation of the tax due — this is the self-assessment element of the return.
• The self-assessment must be based on the information contained in the return itself and must take account of any reliefs, allowances, or credits the company is entitled to claim.
• If the return is amended by the company at a later date, the self-assessment must also be amended to reflect the updated figures.
• This provision was introduced by the Finance Act 1998 as part of the move to corporation tax self-assessment, effective for accounting periods ending on or after 1 July 1999.

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