Taxes Management Act 1970

[F1 59AA Non-resident CGT disposals: payments on account of capital gains tax U.K.

(1) Subsections (2) and (3) apply where a person (“P”) is required to make, in relation to a tax year, an NRCGT return in respect of one or more non-resident CGT disposals containing an advance self-assessment and the amount in subsection (6)(a) is greater than the amount in subsection (6)(b).

(2) With effect from the filing date for the return, the balancing amount is (or, where applicable, becomes) the amount payable by P on account of P's liability to capital gains tax for the tax year.

(3) Where P is the relevant members of an NRCGT group, P is responsible for discharging the obligation of the taxable person to pay any balancing amounts and such amounts are payable on account of the taxable person's liability to capital gains tax for the tax year.

(4) Subsection (5) applies where a person (“P”) is required to make, in relation to a tax year, an NRCGT return containing an advance self-assessment and the amount in subsection (6)(a) is less than the amount in subsection (6)(b).

(5) The balancing amount is repayable to P on the filing date for the return.

(6) The amounts referred to in subsections (1) and (4) are—

(a) the amount notionally chargeable contained in the self-assessment, and

(b) the total of any amounts previously paid under this section on account of P's liability to capital gains tax for the tax year.

(7) In subsections (2) and (5) “the balancing amount” means the difference between those amounts.

(8) Where, in the case of a repayment, the NRCGT return is enquired into by an officer of Revenue and Customs—

(a) nothing in subsection (5) requires the repayment to be made before the day on which, by virtue of section 28A(1), the enquiry is completed, but

(b) the officer may at any time before that day make the repayment, on a provisional basis, to such extent as the officer thinks fit.

(9) Subsection (10) applies to—

(a) any amount payable on account of capital gains tax as a result of the amendment or correction under section 12ZK, 12ZL or 28A of an advance self-assessment, and

(b) any amount paid on account of capital gains tax which is repayable as a result of such an amendment or correction.

(10) The amount is payable or (as the case may be) repayable on or before the day specified by the relevant provision of Schedule 3ZA.

(11) Subsection (12) applies where a determination under section 28G (determination of amount notionally chargeable where no NRCGT return delivered) which has effect as a person's advance self-assessment is superseded by an advance self-assessment in an NRCGT return made and delivered by the person under section 12ZB.

(12) Any amount which is payable on account of capital gains tax, and any amount paid on account of capital gains tax which is repayable, by virtue of the supersession is to be payable or (as the case may be) repayable on or before the filing date for the return.

(13) In this section—

• “advance self-assessment” has the meaning given by section 12ZE(1);

• “amount notionally chargeable” is to be interpreted in accordance with section 12ZF(1);

• “filing date”, in relation to an NRCGT return, has the meaning given by section 12ZB(8);

• the “taxable person”, in relation to a non-resident CGT disposal, means the person who would be chargeable to capital gains tax in respect of any chargeable NRCGT gain accruing on the disposal (were such a gain to accrue).

(14) For the meaning in this section of “non-resident CGT disposal” see section 14B of the 1992 Act.

(15) For the meaning in this section of “NRCGT group” see section 288(1) of the 1992 Act.]

Textual Amendments

F1 Ss. 59AA, 59AB inserted (with effect in accordance with Sch. 7 para. 60 of the amending Act) by Finance Act 2015 (c. 11), Sch. 7 para. 51