34(1) Subject to paragraph (1A) below, this regulation applies where a taxable person has made a return, or returns, to the Controller which overstated or understated his liability to VAT or his entitlement to a payment under section 25(3) of the Act.
34(1A) Subject to paragraph (1B) and (1C) below, any overstatement or understatement in a return where–
(a)a period of 4 years has elapsed since the end of the prescribed accounting period for which the return was made; and
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