SCHEDULE 6LEASES
PART 3RENT AND OTHER CONSIDERATION
14Overpayment of tax where rent determined on reconsideration date
1
If, as a result of determining on the reconsideration date the rent paid or payable in respect of the first 5 years of the term of the lease, less tax is payable in respect of a land transaction than has already been paid—
a
the buyer may, within the period allowed for amendment of the return, amend it accordingly;
b
after the end of that period, the buyer may (if the return is not so amended) make a claim for repayment of the amount overpaid in accordance with Chapter 7 of Part 3 of TCMA as modified by sub-paragraph (2).
2
In its application to a claim to which sub-paragraph (1)(b) applies, Chapter 7 of Part 3 of TCMA applies as if for section 78 there were substituted—
78Time limit for making claims
A claim under section 63 to which paragraph 14(1)(b) of Schedule 6 to LTTA applies must be made before the later of the end of—
a
the period of 4 years beginning with the day after the filing date for the tax return to which the land transaction tax already paid relates, or
b
the period of 12 months beginning with the reconsideration date (within the meaning of paragraph 12(3) of that Schedule).