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Stock Relief (Claims)

Volume 887: debated on Tuesday 4 March 1975

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asked the Chancellor of the Exchequer whether claims for stock relief can be withdrawn if a company decides that it does not wish to claim the relief.

The position is that until the Finance Bill receives the Royal Assent no formal claim to the relief can be made and informal notices sent in the meantime can be withdrawn without difficulty. When the Bill becomes law inspectors of taxes will invite those companies which have put in an informal notice to send in a formal claim for the relief. Where a company does not do so within 30 days it will be assumed that it no longer wishes to claim relief and the tax held over, if any, will be released for collection. This does not, of course, prevent a company from putting in a formal claim at a later date before the time limit provided in the Bill expires. A company wishing to withdraw a formal claim may do so at any time before the expiry of the time limit for claiming stock relief, so long as the assessment incorporating the relief has not been finally determined.