Regulation 24 Payments and returns

(1)

This regulation applies where the Inland Revenue accepts an application.

(2)

If the application relates to deferring the payment of tax that has already been paid, the amount already paid shall be repaid together with interest as from the date of payment.

(3)

The purchaser must make a return or further return (“the return”) to the Inland Revenue—

(a)

within 30 days after the occurrence of a relevant event;

(b)

if relevant—

(i)

within the period of 30 days mentioned in regulation 13(2)(a);

(ii)

subject to regulation 27, in accordance with the scheme for payment mentioned in regulation 13(2)(b); or

(iii)

after the final payment has been made in accordance with that scheme, within 30 days after the purchaser obtains new information the effect of which is that additional tax or less tax is payable in respect of the transaction than has already been paid.

(4)

The return must be accompanied by payment of any tax or additional tax payable.

(5)

If the effect of the return is that less tax is payable in respect of a transaction than has already been paid, the amount overpaid shall on a claim by the purchaser be repaid together with interest as from the date of payment.