PART 4Returns and payment
CHAPTER 1Returns
Adjustments and further returns
34Return or further return in consequence of later linked transaction
1
This section applies where the effect of a transaction (“the later transaction”) that is linked to an earlier transaction is that—
a
the earlier transaction becomes notifiable,
b
additional tax is payable in respect of the earlier transaction, or
c
tax is payable in respect of the earlier transaction where none was payable before.
2
The buyer in the earlier transaction must make a return (or further return) in respect of that transaction.
3
The return must be made before the end of the period of 30 days beginning with the day after the effective date of the later transaction.
4
The return must include an assessment of the amount of tax that, on the basis of the information contained in the return, is chargeable as a result of the later transaction.
5
The tax so chargeable is to be calculated by reference to the tax rates and tax bands in force at the effective date of the earlier transaction.
6
This section does not affect any requirement to make a land transaction return in respect of the later transaction.