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Finance Act 2004
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Finance Act 2004, Paragraph 40 is up to date with all changes known to be in force on or before 14 November 2024. 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.
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[F140(1)This paragraph applies to a case within subsection (3) of section 174A (conversion or adaptation as residential property).U.K.
(2)This paragraph applies if —
(a)sub-paragraph (8) of paragraph 39 has effect when an unauthorised payment is treated as made under that paragraph,
(b)an amount estimated under that sub-paragraph later becomes ascertained, and
(c)the ascertained amount is more than the estimated amount.
(3)An unauthorised payment is treated as made when the amount becomes ascertained.
(4)The total taxable amount in relation to the unauthorised payment is the difference between the ascertained amount and the estimated amount.
(5)References in the taxable property provisions to unauthorised payments treated as made under section 174A include references to payments treated as made under this paragraph.]
Textual Amendments
F1Sch. 29A inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 13
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