Article 123 - Amendment of Self-Assessment During Enquiry to Prevent Loss of Tax or Overpayment of a Tax Credit

(1) Where an enquiry into a return is in progress and the Tax Department forms the opinion—
(a) that the amount stated in the self-assessment contained in the return as the amount of tax payable is insufficient or the amount of tax losses is inflated; and
(b) that unless the self-assessment is immediately amended there is likely to be a loss of tax to the QFC or an overpayment of a tax credit in respect of a Reimbursable Tax Loss under Part 16,
the Tax Department may by notice to the QFC Entity whose return is under enquiry, amend the self-assessment to make good the deficiency or inaccuracy.
(2) In the case of an enquiry which under Article 122(2) is limited to matters arising from an amendment of a return, Article 123(1) applies only so far as the deficiency or inaccuracy is attributable to the amendment.
(3) An appeal may be made against an amendment made under this Article by notice in writing to the Tax Department, given within 30 days after the amendment was notified to the QFC Entity.
(4) An appeal under Article 123(3) shall not be heard or determined before the completion of the enquiry.
Amended (as from 18th June 2014)