Finance Act 2012
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Modernisation of capital acquisitions tax administration: miscellaneous amendments. |
115.— (1) Section 45AA of the Principal Act is amended— | |
(a) in subsection (1) by deleting “, and the solicitor referred to in section 48(10),”, | ||
(b) by inserting the following after subsection (1): | ||
“(1A) The solicitor referred to in section 48(10) shall be assessable and chargeable for the tax payable by the person or persons referred to in paragraph (a) of that subsection to the same extent that those persons are chargeable to tax under section 11.”, | ||
(c) in subsection (2) by inserting “and subsection (1A)” after “subsection (1)”, | ||
(d) in subsections (2), (3) and (4) by inserting “and subsection (10)(a) of section 48” after “subsection (1)(a)” in each place it occurs, and | ||
(e) in subsection (4) by substituting “paragraph (b) of that subsection and subsection (10)(a) of section 48” for “paragraph (b) of that subsection”. | ||
(2) Section 46 of the Principal Act is amended by inserting the following after subsection (2B): | ||
“(2C) In the case of inheritances referred to in sections 15(1) and 20(1), returns shall be delivered and tax shall be paid within 4 months of the valuation date of such inheritances.”. | ||
(3) Section 51 of the Principal Act is amended by substituting the following for subsection (5): | ||
“(5) A payment of tax by an accountable person is treated as a payment on account of tax for the purposes of this section, notwithstanding that the payment may be conditional or that the assessment of tax is incorrect.”. | ||
(4) Section 57 of the Principal Act is amended in subsection (3) by substituting “commencing on 31 October in the year in which that tax was due to be paid in accordance with section 46(2A).” for “commencing on the valuation date or the date of payment of the tax concerned (where that tax has been paid within 4 months after the valuation date).”. | ||
(5) Part 1 of Schedule 2 to the Principal Act is amended by deleting paragraph 5. | ||
(6) Notwithstanding subsection (4) of section 147 of the Finance Act 2010 , subsection (1)(p) of that section shall be deemed to have applied on and from 14 June 2010 (being the appointed day for the purposes of subsection (4)(b) of that section). | ||
(7) Subsections (1) to (5) apply on and from 8 February 2012. |