Finance Act 1975

12 (1) Except as otherwise provided by the following provisions of this Schedule, the tax on the value transferred by a chargeable transfer shall be due six months after the end of the month in which the chargeable transfer is made or, in the case of a transfer made after 5th April and before 1st October in any year otherwise than on death, at the end of April in the next year.

(2) Personal representatives shall, on delivery of their account, pay all the tax for which they are liable and may, on delivery of that account, also pay any part of the tax chargeable on the death for which they are not liable, if the persons liable therefore request them to make the payment.

(3) So much of the tax chargeable on the value transferred by a chargeable transfer made within three years or, as the case may be, one year of the death of the transferor as—

(a) exceeds what it would have been had the transferor died more than three years after the transfer ; or

(b) is tax for which, by virtue of section 26(3) of this Act, only a charity or only a political party is liable ;

shall be due six months after the end of the month in which the death occurs.

(4) Tax chargeable under section 32 or 34 of this Act or paragraph 2 of Schedule 9 to this Act shall be due six months after the end of the month in which the event by reason of which it is chargeable occurs.

(5) The Board may in the first instance, and without prejudice to the recovery of the remainder of the tax, accept or demand payment of an amount by reference to the value stated in an account delivered to the Board under paragraph 2 or 3 above.

(6) Nothing in this paragraph shall be taken to authorise the recovery from, or require the payment by, any person of tax in excess of his liability as limited by section 27 of this Act.