Finance Act 1984

123 Payment by instalments and postponement

(1) For the purpose of extending the period during which development land tax may, in certain cases, be paid by instalments from eight to ten years and of restricting those instalments to annual instalments, the following amendments shall be made in Schedule 8 to the Development Land Tax Act 1976—

(a) the word " ten" shall be substituted for the word " eight " , in each of paragraphs 45(5) and (7)(b) and 50(1) and (4), and for the words from " eight" onwards in paragraph 45(2)(b);

(b) in paragraph 45(3)(c), for the word " nine " there shall be substituted the word " eleven " ; and

(c) in paragraph 44(1) for the words from " instalments " onwards there shall be inserted the words " yearly instalments ".

(2) In section 114(6)(b) of the [1980 c. 48.] Finance Act 1980 (application of paragraph 45 of Schedule 8 to the Act of 1976 in relation to advance assessment of tax on deemed disposals), for the words from " nine years " onwards there shall be substituted the words " ' eleven years ' there were substituted the words ' ten years' ".

(3) In paragraph 52 of Schedule 8 to the Act of 1976 (postponement of tax on incorporation disposal), in sub-paragraphs (4) and (6) for the word " eight" there shall be substituted the word " ten ".

(4) In section 86A of the [1970 c. 9.] Taxes Management Act 1970 (interest on development land tax unpaid on reckonable date)—

(a) in subsection (1), for the words " and (3)" there shall be substituted the words " (3) and (3A) "; and

(b) after subsection (3) there shall be inserted the following subsection—

“(3A) Subsection (1) above shall have effect, in relation to any tax postponed under paragraph 52 of Schedule 8 to the Act of 1976 (postponement on incorporation disposal) as if the reference to the reckonable date were a reference to the date determined in accordance with sub-paragraphs (4) to (6) of paragraph 52.”

(5) This section has effect in relation to disposals made, and events occurring, on or after 6th August 1983 ; but where, in relation to any such disposal made, or event occurring, before the commencement of this section a person has duly elected to pay development land tax by half-yearly instalments he shall be entitled to continue to pay by such instalments and the Act of 1976 shall have effect accordingly.