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Finance Act 2014

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Changes over time for: Section 223

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Changes to legislation:

Finance Act 2014, Section 223 is up to date with all changes known to be in force on or before 07 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

223Effect of notice given while tax enquiry is in progress[F1: accelerated payment] U.K.
This section has no associated Explanatory Notes

[F2(1)This section applies where—

(a)an accelerated payment notice is given by virtue of section 219(2)(a) (notice given while a tax enquiry is in progress) (and not withdrawn), and

(b)an amount is stated in the notice in accordance with section 220(2)(b).]

(2)P must make a payment (“the accelerated payment”) to HMRC of [F3that amount].

(3)The accelerated payment is to be treated as a payment on account of the understated tax (see section 220).

(4)The accelerated payment must be made before the end of the payment period.

(5)The payment period” means—

(a)if P made no representations under section 222, the period of 90 days beginning with the day on which the accelerated payment notice is given, and

(b)if P made such representations, whichever of the following periods ends later—

(i)the 90 day period mentioned in paragraph (a);

(ii)the period of 30 days beginning with the day on which P is notified under section 222 of HMRC's determination.

(6)But where the understated tax would be payable by instalments by virtue of an election made under section 227 of IHTA 1984, to the extent that the accelerated payment relates to tax payable by an instalment which falls to be paid at a time after the payment period, the accelerated payment must be made no later than that time.

(7)If P pays any part of the understated tax before the accelerated payment in respect of it, the accelerated payment is treated to that extent as having been paid at the same time.

(8)Any tax enactment which relates to the recovery of a relevant tax applies to an amount to be paid on account of the relevant tax under this section in the same manner as it applies to an amount of the relevant tax.

(9)Tax enactment” means provisions of or made under—

(a)the Tax Acts,

(b)any enactment relating to capital gains tax,

(c)IHTA 1984 or any other enactment relating to inheritance tax,

(d)Part 4 of FA 2003 or any other enactment relating to stamp duty land tax, or

(e)Part 3 of FA 2013 or any other enactment relating to annual tax on enveloped dwellings.

Textual Amendments

F1Words in s. 223 heading inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 18 para. 6(4)

F2S. 223(1) substituted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 18 para. 6(2)

F3Words in s. 223(2) substituted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 18 para. 6(3)

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