PART 6RETURNS AND PAYMENTS

CHAPTER 1RETURNS

Adjustments

I149Further return where relief is withdrawn

1

The buyer in a land transaction must make a further return to WRA if relief is withdrawn to any extent under—

a

Schedule 11 (alternative finance investment bonds);

b

Schedule 14 (relief for certain acquisitions of residential property);

c

Schedule 16 (group relief);

d

Schedule 17 (reconstruction or acquisition relief);

e

Schedule 18 (charities relief).

2

A return made under this section must—

a

be made before the end of the period of 30 days beginning with the day after the day on which the disqualifying event occurred, and

b

include a self-assessment.

3

The disqualifying event is—

a

in relation to the withdrawal of relief under Schedule 11, an event mentioned in paragraph 14 of that Schedule;

b

in relation to the withdrawal of relief for certain acquisitions of residential property under Schedule 14, an event mentioned in paragraph 8(1), (3) or (4) of that Schedule;

c

in relation to the withdrawal of group relief under Schedule 16, the buyer ceasing to be a member of the same group as the seller within the meaning of that Schedule;

d

in relation to the withdrawal of reconstruction relief or acquisition relief under Schedule 17, an event mentioned in paragraph 5(2) or 7(2) or (3) of that Schedule;

e

in relation to the withdrawal of charities relief under Schedule 18, a disqualifying event as defined in paragraph 2(4), 5(2) or 8(2) of that Schedule.

4

Despite section 157(3) of TCMA (late payment interest), the late payment interest start date in relation to an amount—

a

stated in a return made under subsection (1)(a) as the tax payable,

b

payable as a result of an amendment or correction to such a return,

c

payable as a result of an assessment made in addition to such a return, or

d

payable as a result of a determination or an assessment made in place of such a return,

is the day after the end of the period of 30 days beginning with the day after the effective date of the first transaction (and Chapter 1 of Part 6 of that Act is to be read accordingly).

5

The Welsh Ministers may by regulations amend subsection (4) so as to substitute for the period for the time being specified there, a different period.