Finance Act 1973

4 (1) Subject to the following provisions of this Schedule, where any tax is assessed by virtue of section [F1 276 of the Taxation of Chargeable Gains Act 1992] [F2 , section 830 of the Taxes Act 1988 or section 874 of the Income Tax (Trading and Other Income) Act 2005] on a person not resident in the United Kingdom in respect of— U.K.

(a) profits or gains from activities authorised, or carried on in connection with activities authorised, by a licence granted under [F3 Part I of the Petroleum Act 1998], or

(b) profits or gains from, or chargeable gains accruing on the disposal of, exploration or exploitation rights connected with activities so authorised or carried on,

then, if the tax remains unpaid later than thirty days after it has become due and payable, the Board may serve a notice on the holder of the licence stating particulars of the assessment, the amount remaining unpaid and the date when it became payable, and requiring the holder of the licence to pay that amount, together with any interest due thereon under section 86 of the Taxes Management Act 1970, within thirty days of the service of the notice.

(2) Any amount which a person is required to pay by a notice under this paragraph may be recovered from him as if it were tax due and duly demanded from him; and he may recover any such amount paid by him from the person on whom the assessment was made.

[(3) F4 A payment in pursuance of a notice under this paragraph shall not be allowed as a deduction in computing any income, profits or losses for any tax purposes.]

Textual Amendments

F1 Words in Sch. 15 para. 4 substituted (6.3.1992 with effect as mentioned in s. 289(1)(2) of the substituting Act) by virtue of Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 3(2)

F2 Words in Sch. 15 para. 4(1) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 388 (with Sch. 2)

F3 Words in Sch. 15 para. 4(1)(a) substituted (15.2.1999) by 1998 c. 17, s. 50, Sch. 4 para. 5 (with Sch. 3 para. 5(1)); S.I. 1999/161, art. 2(1)

F4 Sch. 15 para. 4(3) inserted by Finance Act 1984 (c. 43), s. 124(1)

Modifications etc. (not altering text)

C1 Sch. 15 para. 4: See Finance Act 1988 (c. 39), s. 130(7)(e)— payment of outstanding tax

C2 Sch. 15 para. 4(1): reference to Taxes Management Act 1970, s. 86 to include reference to s. 87A of the said Act of 1970 for accounting periods ending after 30.9.1993: see Finance (No. 2) Act 1987 (c. 51), s. 86(3)(b); S.I. 1992/3066, art. 2