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There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Cross Heading: Certain administrative provisions.
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(1)This section applies if—
(a)there is a receipt under section 277 (lease premiums) in respect of a premium which is payable by instalments, or
(b)there is a receipt under any of sections 279 to 281 (sums payable instead of rent, for surrender of lease or for variation or waiver of [F1terms] of lease) in respect of a sum which is payable by instalments.
(2)The person who is liable to pay tax by reference to the receipt may choose to pay the tax by such instalments as [F2an officer of Revenue and Customs] may allow.
(3)The period over which the instalments of tax must be paid—
(a)must be 8 years or less, and
(b)must end before, or at the same time as, the time when the last of the instalments mentioned in subsection (1)(a) or (b) is payable.
Textual Amendments
F1Word in s. 299(1)(b) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 625 (with Sch. 2 Pts. 1, 2)
F2Words in s. 299(2) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 ss. 50, 53(1), {Sch. 4 para. 132(2)}; S.I. 2005/1126, art. 2(h)
(1)This section applies if any of the persons mentioned in subsection (3) provides [F3an officer of Revenue and Customs] with a statement showing—
(a)whether or not there is, or may be, a receipt under section 282 (assignments for profit of lease granted at undervalue), and
(b)the amount of any receipt.
(2)[F3an officer of Revenue and Customs] must certify the accuracy of the statement, if satisfied as to its accuracy.
(3)The persons referred to in subsection (1) are—
(a)the landlord who granted the lease,
(b)a person who assigned it, or
(c)a person to whom it was assigned.
Textual Amendments
F3Words in s. 300(1)(2) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 ss. 50, 53(1), {Sch. 4 para. 132(1)}; S.I. 2005/1126, art. 2(h)
(1)This section applies if—
(a)there is a receipt under section 284 (sales with right to reconveyance), and
(b)the date on which the estate or interest would fall to be reconveyed was not fixed under the terms of the sale.
(2)If the seller makes a claim, the seller must be repaid the amount by which A exceeds B, where—
A is the amount of tax paid by the seller which was payable by virtue of section 284, and
B is the amount of tax that would have been so payable if the date on which the estate or interest was reconveyed had been taken as the date fixed by the terms of the sale.
(3)The claim must be made within [F44 years] after the day on which the estate or interest was reconveyed.
Textual Amendments
F4Words in s. 301(3) substituted (1.4.2010) by Finance Act 2008 (c. 9), s. 118(2), Sch. 39 para. 51; S.I. 2009/403, art. 2(2) (with art. 10)
(1)This section applies if—
(a)there is a receipt under section 285 (sale and leaseback transactions), and
(b)the date for the grant of the lease was not fixed under the terms of the sale.
(2)If the seller makes a claim, the seller must be repaid the amount by which A exceeds B, where—
A is the amount of tax paid by the seller which was payable by virtue of section 285, and
B is the amount of tax that would have been so payable if the date on which the lease was granted had been taken as the date fixed by the terms of the sale.
(3)The claim must be made within [F54 years] after the day on which the lease was granted.
Textual Amendments
F5Words in s. 302(3) substituted (1.4.2010) by Finance Act 2008 (c. 9), s. 118(2), Sch. 39 para. 52; S.I. 2009/403, art. 2(2) (with art. 10)
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