Related Commentary  Related HMRC Manuals

264(1)  This section has effect where a person has made a transfer of value (“the earlier transfer” ) which–

(a)is not notified to the Board in an account under section 216 above or by information furnished under section 219 above before the expiration of the period specified in section 216 for the delivery of accounts, and

(b)is not discovered until after payment has been accepted by the Board in full satisfaction of the tax on the value transferred by another transfer of value (“the later transfer” ) made by him on or after the day on which he made the earlier transfer.

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