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Amendment of section 57 (overpayment of tax) of Principal Act.
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87.— (1) Section 57 of the Principal Act is amended—
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(a) in subsection (1) by substituting the following for the definition of “tax”:
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“ ‘tax’ includes probate tax, payment on account of tax, interest charged, a surcharge imposed or a penalty incurred under any provision of this Act.”,
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and
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(b) by substituting the following for subsection (3):
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“(3) Notwithstanding subsection (2), no tax shall be repaid to an accountable person in respect of a valid claim unless that valid claim is made within the period of 4 years commencing on—
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(a) 31 October in the year in which that tax was due to be paid in accordance with section 46(2A), or
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(b) the valuation date or the date of the payment of the tax concerned (where the tax has been paid within 4 months of the valuation date) in respect of inheritances to which sections 15(1) and 20(1) apply.”.
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(2) This section shall apply as respects any claim for repayment (within the meaning of the Principal Act) made on or after the passing of this Act.
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