Paragraph 9 Payment of the TRF charge through the income tax system

An amount of designated qualifying overseas capital is chargeable to the TRF charge for the tax year to which the return in which it is designated relates.

Amounts of TRF charge are to be charged as if they were amounts of income tax.

Section 23 of ITA 2007 (calculation of income tax liability) applies in relation to a person liable to the TRF charge as if paragraph 1(8) were included in the lists of provisions in section 30(1) of that Act (amounts of tax added at Step 7).

For the purposes of the collection and management of the TRF charge, all other enactments applying generally to income tax apply to the TRF charge.

Those enactments include—

But section 59A of TMA 1970 (payments on account of income tax) does not apply in relation to amounts of TRF charge.

For the purposes of section 12B of TMA 1970 (as applied as a result of sub-paragraph (4)), the records required to be kept as a result of paragraph 8(8) are to be regarded as records that must be kept for the purposes of enabling an individual to make and deliver a correct and complete return.

Paragraph 8(6) is not to be taken as preventing the amendment of a return so as to alter or revoke a designation of qualifying overseas capital made in that return, provided that amendment is made in accordance with section 9ZA of TMA 1970 (taxpayer permitted to amend return within 12 months of filing date).