PART IV PROVISIONS RELATING TO THE SCHEDULE D CHARGE

Chapter VIIAPaying and collecting agents

P1118F Accounting for tax on chargeable payments and chargeable receipts.

1

Income tax in respect of United Kingdom public revenue dividends for which the Bank of England, the Bank of Ireland, the National Debt Commissioners or any public office or department of the Crown are liable to account pursuant to section 118E(1) or (2) shall become due and payable on the seventh day after the chargeable date and shall be paid into the general account of the Board at the Bank of England or, in the case of the Bank of Ireland, at the Bank of Ireland.

2

Any other income tax for which a paying agent is liable to account under section 118E(1), and any income tax for which a collecting agent is liable to account under section 118E(3), shall become due and payable on the fourteenth day from the end of the month in which the chargeable date falls.

3

Any tax due under subsection (1) or (2) above shall carry interest, at the rate applicable under section 178 of the M1Finance Act 1989, from the date on which it becomes due until it is paid.

4

The Board may by regulations make such provision as they may consider appropriate—

a

for requiring paying agents and collecting agents to deliver returns setting out particulars of—

i

chargeable payments made by them;

ii

chargeable receipts in respect of which they are liable to account for tax;

iii

any relevant payments made by them which would have been chargeable payments but for the provisions of section 118G;

iv

any relevant receipts which would have been chargeable receipts but for the provisions of section 118G;

v

the amount of any tax accounted for by them, or for which they are liable to account, in relation to chargeable payments or chargeable receipts;

vi

in the case of relevant payments falling within sub-paragraph (iii) above, the paragraphs of subsection (3) or (4) of section 118G that applied to them;

vii

in the case of relevant receipts falling within sub-paragraph (iv) above, the paragraphs of subsection (4) of section 118G that applied to them;

viii

the names and addresses of the persons entitled to the relevant payments or relevant receipts;

b

with respect to the furnishing of information by paying agents or collecting agents, including the inspection of books, documents and other records on behalf of the Board;

c

for the assessment under the regulations of amounts due and for appeals against such assessments;

d

for the repayment in specified circumstances of amounts paid (or purporting to be paid) under this Chapter.