Time limits reduced
As reported last year the 2009 Finance Act contained provisions to reduce various tax related time limits from 6 years to 4 years. At the time it was not known when this would come into effect. The Government have now issued the relevant Statutory Instrument which gives effect to these changes from 1 April 2009.
There are however some transitional rules which mean that the reduced time limits in respect of claims for tax repayments do not come into effect until 2012. Nevertheless prudence suggests that any outstanding claims should be made sooner rather than later.
Date: 5th March, 2009
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