SCHEDULES

SCHEDULE 2Returns for disposals of UK land etc

PART 1Returns and payments on account: disposals of UK land etc

8Repayments of amounts previously paid on account of capital gains tax

1

This paragraph applies if—

a

a person makes and delivers a return under this Schedule in respect of a disposal,

b

the person has previously paid amounts on account of the person’s liability to capital gains tax for the tax year concerned, and

c

the amounts exceed the amount of capital gains tax notionally chargeable on the person as at the filing date for the return.

2

The excess is repayable to the person on the filing date for the return.

3

In determining the total amount of payments that have, at any time, been made on account of a person’s liability to capital gains tax for a tax year, account must be taken of amounts already repaid under this paragraph.