Taxes Management Act 1970

[F1 8 (1) This paragraph applies where a CGT exit charge payment plan is entered into by the taxpayer. U.K.

(2) The deferred exit charge remains due and payable under section 59B (payment of income tax and capital gains tax: assessments other than simple assessments).

(3) However, the Commissioners for Her Majesty's Revenue and Customs—

(a) may not seek payment of any of the deferred exit charge otherwise than in accordance with the plan, and

(b) may make repayments in respect of any of the deferred exit charge paid, or any amount paid on account of the deferred exit charge, before the plan is entered into.

(4) The deferred exit charge carries interest in accordance with Part 9 as if the plan had not been entered into; and each time a payment is made under the plan, it is to be paid together with any interest payable on it.

(5) The taxpayer is liable to penalties for late payment of the deferred exit charge only if the taxpayer fails to make payments in accordance with the plan (see item 3C of the Table at the end of paragraph 1 of Schedule 56 to the Finance Act 2009).

(6) Any of the deferred exit charge which is for the time being unpaid may be paid at any time before it becomes payable under the plan together with interest payable on it to the date of payment.

(7) If—

(a) the taxpayer becomes bankrupt under the law of England and Wales or Northern Ireland or the taxpayer's estate is sequestrated under the law of Scotland,

(b) an event corresponding to an event in paragraph (a) occurs under the law of an EEA state outside the United Kingdom, or

(c) the taxpayer becomes resident in a country or territory that is not an EEA state,

the outstanding balance of the deferred exit charge is payable on the date on which the next instalment would otherwise have been due under the plan.]

Textual Amendments

F1 Sch. 3ZAA inserted (with effect in accordance with Sch. 7 para. 7 of the amending Act) by Finance Act 2019 (c. 1), Sch. 7 para. 2