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Chwiliad Uwch

Finance Act 1990

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Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).

118Payment of levy

(1)Levy chargeable on a disposal shall be paid to the Secretary of State by the person by whom the disposal was made.

(2)The amount of the levy shall be assessed by the Secretary of State who shall serve a notice of assessment on the person by whom the disposal was made stating the date of issue of the notice of assessment and the effect of subsection (3) below.

(3)The amount assessed shall be payable within the period of three months beginning with the day on which the disposal was made or within the period of 30 days beginning with the date of the issue of the notice of assessment, if that period ends later.

(4)Where any levy payable by the person by whom the disposal was made is not paid within the period of six months beginning with the first day after the period within which it is payable, the Secretary of State may, within the period of three years beginning with that day, serve on the company whose securities were disposed of a notice stating—

(a)particulars of the levy assessed and the amount remaining unpaid,

(b)the date of issue of the notice, and

(c)the effect of subsection (5) below.

(5)The amount unpaid shall be payable to the Secretary of State by the company within the period of 30 days beginning with the date of issue of the notice under subsection (4) above.

(6)Any amount paid in accordance with subsection (5) above shall cease to be payable to the Secretary of State by the person who made the disposal but the company may recover it from that person.

(7)A person who is liable to make a payment of levy but does not make payment of the amount due during the period within which it is payable shall also pay to the Secretary of State interest on the unpaid levy at the rate applicable under section 178 of the [1989 c. 26.] Finance Act 1989 from the first day after the end of that period until payment of the levy is made; and the interest shall be paid without deduction of tax.

(8)In subsection (2) of that section, after paragraph (m) there shall be inserted “and

(n)section 118(7) of the Finance Act 1990.”

Yn ôl i’r brig

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