Article 126 - Amendment of Return by QFC Entity During Enquiry

(1) This Article applies if a return is amended under Article 116 at a time when an enquiry into that return is in progress. The amendment does not restrict the scope of the enquiry.
(2) So far as the amendment affects the amount stated in the self-assessment included in the return as the amount of tax payable or the amount of a Reimbursable Tax Loss that entitles a QFC Entity to a payment of tax credit under Part 16, it does not take effect while the enquiry is in progress, and—
(a) if the Tax Department take the amendment into account in formulating the amendments contained in a closure notice issued under Article 124, or conclude the amendment is incorrect, the amendment shall not take effect;
(b) otherwise the amendment takes effect when a closure notice under Article 124 concluding the enquiry is issued.
Amended (as from 18th June 2014)