The Ports (Levy on Disposals of Land, etc.) Order (Northern Ireland) 1997

Payment of levy — Article 8(3) and 8(5) cases

14.—(1) Subject to paragraph (2)—

(a) in the case of a disposal for which Article 8(3) provides—

(i) if the materiality threshold has been exceeded, levy on any gain accruing on the disposal shall be payable within the period beginning with the disposal date relating to the associated disposal which causes the minimum limit to be exceeded and ending with the quarter date next following that date;

(ii) if the materiality threshold has not been but is subsequently exceeded, levy on any such gain shall be payable within the period specified in sub-paragraph (b);

(b) in the case of a disposal for which Article 8(5) provides, levy shall be payable within the period beginning with the disposal date relating to the disposal which causes the materiality threshold to be exceeded and ending with the quarter date next following that date.

(2) Where—

(a) by virtue of any provision of this Order, the consideration for a disposal is deemed to be increased by reason of a subsequent event, or by reason of a subsequent event a disposal ceases by virtue of Article 25(2) to be disregarded; and

(b) the minimum limit or the materiality threshold is in consequence exceeded;

paragraph (1)(a) or (b) shall apply as if the reference to the disposal date relating to the disposal which causes the minimum limit or the materiality threshold to be exceeded were a reference to the date on which the subsequent event occurs.