Income Tax (Trading and Other Income) Act 2005 (c. 5)

Part 3 U.K. Property income

Chapter 4 U.K. Profits of property businesses: lease premiums etc.

Certain administrative provisions U.K.

299 Payment of tax by instalments U.K.

(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 [F1 terms] 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 [F2 an 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

F1 Word 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)

F2 Words 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)