Finance Act 2003

86 Payment of tax U.K.

(1) Tax payable in respect of a land transaction must be paid [F1 not later than the filing date for the land transaction return relating to the transaction.]

(2) Tax payable as a result of the withdrawal of relief under—

[F2 (za) any of paragraphs 5G to [F3 5L] of Schedule 4A (higher rate for certain transactions),]

[F4 (zb) Part 3 of Schedule 6C (relief for freeport tax sites), other than in a case to which paragraph 11 of that Schedule (alternative finance arrangements) applies,]

(a) Part 1 of Schedule 7 (group relief),

(b) Part 2 of that Schedule (reconstruction or acquisition relief), F5 ...

[F6 (ba) Part 1 of Schedule 7A (PAIF seeding relief),

(bb) Part 2 of Schedule 7A (COACS seeding relief), or]

(c) Schedule 8 (charities relief),

must be paid [F7 not later than the filing date for the return relating to the withdrawal] (see section 81).

[F8 (2A) Tax payable as a result of a withdrawal of relief under any of paragraphs 6D, 6F, 6G [F9 , 6H and 6I] of Schedule 4A (higher rate: alternative finance arrangements) [F10 or under Part 3 of Schedule 6C (relief for freeport tax sites) in a case to which paragraph 11 of that Schedule (alternative finance arrangements) applies] must be paid not later than the filing date for the return relating to the withdrawal (see section 81ZA(1)).]

(3) Tax payable as a result of the amendment of a return must be paid forthwith or, if the amendment is made before the filing date for the return, not later than that date.

(4) Tax payable in accordance with a determination or assessment by the Inland Revenue must be paid within 30 days after the determination or assessment is issued.

(5) The above provisions are subject to—

(a) section 90 (application to defer payment of tax in case of contingent or uncertain consideration), and

(b) paragraphs 39 and 40 of Schedule 10 (postponement of payment pending determination of appeal).

[F11 (5A) The above provisions are also subject to paragraph 7 of Schedule 61 to the Finance Act 2009 (payment of tax where land ceases to qualify for relief in respect of alternative finance investment bonds).]

(6) This section does not affect the date from which interest is payable (as to which, see section 87).

Textual Amendments

F1 Words in s. 86(1) substituted (with effect in accordance with s. 80(9) of the amending Act) by Finance Act 2007 (c. 11), s. 80(6)(a)

F2 S. 86(2)(za) inserted (with effect in accordance with s. 46(10) of the amending Act) by Finance Act 2019 (c. 1), s. 46(6)

F3 Word in s. 86(2)(za) substituted (with effect in accordance with s. 89(4) of the amending Act) by Finance Act 2021 (c. 26), Sch. 17 para. 5(2)

F4 S. 86(2)(zb) inserted (10.6.2021) by Finance Act 2021 (c. 26), Sch. 23 para. 6(a)

F5 Word in s. 86(2)(b) omitted (with effect in accordance with Sch. 16 para. 15 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 16 para. 8(a)

F6 S. 86(2)(ba)(bb) inserted (with effect in accordance with Sch. 16 para. 15 of the amending Act) by Finance Act 2016 (c. 24), Sch. 16 para. 8(b)

F7 Words in s. 86(2) substituted (with effect in accordance with s. 80(9) of the amending Act) by Finance Act 2007 (c. 11), s. 80(6)(b)

F8 S. 86(2A) inserted (with effect in accordance with Sch. 40 para. 8 of the amending Act) by Finance Act 2013 (c. 29), Sch. 40 para. 6

F9 Words in s. 86(2A) substituted (with effect in accordance with s. 89(4) of the amending Act) by Finance Act 2021 (c. 26), Sch. 17 para. 5(3)

F10 Words in s. 86(2A) inserted (10.6.2021) by Finance Act 2021 (c. 26), Sch. 23 para. 6(b)

F11 S. 86(5A) inserted (with effect in accordance with Sch. 61 para. 29(2)(c) of the amending Act) by Finance Act 2009 (c. 10), Sch. 61 para. 26

Commencement Information

I1 Pt. 4 wholly in force at Royal Assent subject to Sch. 19, see s. 124, Sch. 19 para. 1(1)