PART 6RETURNS AND PAYMENTS
CHAPTER 1RETURNS
Adjustments
I147Contingency ceases or consideration is ascertained: duty to make return
1
The buyer in a land transaction must make a return to WRA if—
a
section 19 or 20 (contingent, uncertain or unascertained consideration) applies in relation to the transaction, or to any transaction in relation to which the transaction is a linked transaction,
b
an event mentioned in subsection (2) occurs, and
c
the effect of the event is that—
i
the transaction becomes notifiable,
ii
additional tax is payable in respect of the transaction, or
iii
tax is payable in respect of the transaction where none was payable.
2
The events are—
a
in the case of contingent consideration, the contingency occurs or it becomes clear that it will not occur, or
b
in the case of uncertain or unascertained consideration, an amount relevant to the calculation of the consideration, or any instalment of consideration, becomes ascertained.
3
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 event mentioned in subsection (2) occurred, and
b
include a self-assessment.
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 this section 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 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.
6
This section does not apply in so far as the chargeable consideration consists of—
a
rent (see Schedule 6);
b
an annuity to which section 21 applies.