Finance Act, 1977

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Amendment of provisions relating to time for payment of tax.

4.—In relation to any assessment to income tax for the year 1977-78 or any subsequent year of assessment, “September” shall be substituted for “July”—

(a) in subsections (1) and (2) (inserted by the Finance Act, 1976 ) of section 477 of the Income Tax Act, 1967 , in each place where it occurs, and

(b) in section 6 (2) (b) of the Finance Act, 1976 ,

and the said subsections (1) and (2) and the said section 6 (2) (b), as so amended, are set out in the Table to this section.

TABLE

477.—(1) Subject to the provisions of this section, tax contained in an assessment for any year shall be payable on or before the 1st day of September in that year, except that tax included in an assessment for any year which is made on or after the 1st day of September shall be deemed to be due and payable on the day next after the day on which the assessment is made.

(2) The following tax charged for any year, that is to say—

(a) tax charged under Schedule D on any individual in respect of the profits or gains of any trade or profession, and

(b) subject to the provisions of section 126, tax charged on any individual in respect of any office or employment,

shall, instead of being payable on or before the 1st day of September in that year or on such other date as is specified in subsection (1), be payable in two equal instalments, the first instalment on or before the 1st day of September in that year or on such other day as aforesaid and the second instalment on or before the following 1st day of January, and the provisions of this Act as to the recovery of tax shall apply to each instalment of the tax, in the same manner as they apply to the whole amount of the tax:

Provided that where the assessment is not made until after the said following 1st day of January, this subsection shall not have effect and the tax shall be due and payable as provided in subsection (1).

6. (2) (b) in relation to any assessment for the year 1977-78 or any subsequent year of assessment, “September” were substituted for “January”.