PART 6

RETURNS AND PAYMENTS
CHAPTER 1

RETURNS

Adjustments

Further return where relief is withdrawn
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1
The buyer in a land transaction must make a further return to WRA if relief is withdrawn to any extent under—
a
Schedule 11 (alternative finance investment bonds);
b
Schedule 14 (relief for certain acquisitions of residential property);
c
Schedule 16 (group relief);
d
Schedule 17 (reconstruction or acquisition relief);
e
Schedule 18 (charities relief).
2
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 disqualifying event occurred, and
b
include a self-assessment.
3
The disqualifying event is—
a
in relation to the withdrawal of relief under Schedule 11, an event mentioned in paragraph 14 of that Schedule;
b
in relation to the withdrawal of relief for certain acquisitions of residential property under Schedule 14, an event mentioned in paragraph 8(1), (3) or (4) of that Schedule;
c
in relation to the withdrawal of group relief under Schedule 16, the buyer ceasing to be a member of the same group as the seller within the meaning of that Schedule;
d
in relation to the withdrawal of reconstruction relief or acquisition relief under Schedule 17, an event mentioned in paragraph 5(2) or 7(2) or (3) of that Schedule;
e
in relation to the withdrawal of charities relief under Schedule 18, a disqualifying event as defined in paragraph 2(4), 5(2) or 8(2) of that Schedule.
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 subsection (1)(a) 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 first 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.