Part 3Property income

Chapter 4Profits of property businesses: lease premiums etc.

Certain administrative provisions

299Payment of tax by instalments

1

This section applies if—

a

there is a receipt under section 277 (lease premiums) in respect of a premium which is payable by instalments, or

b

there is a receipt under any of sections 279 to 281 (sums payable instead of rent, for surrender of lease or for variation or waiver of term of lease) in respect of a sum which is payable by instalments.

2

The person who is liable to pay tax by reference to the receipt may choose to pay the tax by such instalments as the Inland Revenue may allow.

3

The period over which the instalments of tax must be paid—

a

must be 8 years or less, and

b

must end before, or at the same time as, the time when the last of the instalments mentioned in subsection (1)(a) or (b) is payable.