This commentary has been updated based on the draft Finance Bill 2019-20 clauses published on 11 July 2019. The legislation is not yet enacted and is therefore subject to change.

Before any adjustment is made, HMRC must follow certain specified procedural requirements considered below.

Based on the draft Finance Bill 2019-20 clauses published on 11 July 2019, with effect from the date of Royal Assent of FB 2019-20:

the effect of any adjustment made by HMRC is suspended until the procedural requirements have been complied with;

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