Regulation 13 UnderpaymentsI1

United Kingdom

(1)

Subject to paragraphs (2) and (3), where too little tax has been paid in respect of a relevant transaction F1... the tax underpaid shall be payable with interest, whether or not the amount that has been paid was that stated as payable in a notice under regulation F24 or 4A.

(2)

Where tax charged under the Act F3... is paid in accordance with a notice given to the Board under regulation F44 or 4A and the payment is made and accepted in full satisfaction of the tax so charged, no additional amount of tax shall be determined and specified in a notice under regulation 6 after the end of the F5period of 4 years beginning with the later of—

(a)

the date on which the payment was made and accepted, and

(b)

the relevant accountable date;

and, subject to F6paragraphs (2A) and (3), at the end of that period any liability for the additional tax shall be extinguished.

F7(2A)

In any case of an underpayment of tax brought about carelessly by or on behalf of any person the period mentioned in paragraph (2) shall be the period of 6 years beginning with the date specified under paragraph (2).

F8(3)

In any case of an underpayment of tax brought about deliberately by or on behalf of any person the period mentioned in paragraph (2) shall be the period of 20 years beginning with the date specified under paragraph (2).

(4)

Paragraph (5) applies to any case not falling within paragraph (2) where too little tax has been paid in respect of a relevant transaction or surrender provided that the case does not involve a loss of tax brought about deliberately by a person liable for the tax (or a person acting on behalf of such a person).

(5)

Where this paragraph applies—

(a)

no proceedings are to be brought for the recovery of the tax after the end of the period of 20 years beginning with the date on which the relevant transaction or surrender was made; and

(b)

at the end of that period any liability for the tax is extinguished.

Annotations

Textual amendments

F1: Words in reg. 13(1) omitted (with effect in relation to any surrender made or effected on or after 30.3.2014) by virtue of The Stamp Duty Reserve Tax (Finance Act 1999, Schedule 19) (Consequential Amendments) Regulations 2014 (S.I. 2014/1932), regs. 1(1), 2(10)(a)(i) (with reg. 1(2))
F2: Words in reg. 13(1) substituted (with effect in relation to any surrender made or effected on or after 30.3.2014) by The Stamp Duty Reserve Tax (Finance Act 1999, Schedule 19) (Consequential Amendments) Regulations 2014 (S.I. 2014/1932), regs. 1(1), 2(10)(a)(ii) (with reg. 1(2))
F3: Words in reg. 13(2) omitted (with effect in relation to any surrender made or effected on or after 30.3.2014) by virtue of The Stamp Duty Reserve Tax (Finance Act 1999, Schedule 19) (Consequential Amendments) Regulations 2014 (S.I. 2014/1932), regs. 1(1), 2(10)(b)(i) (with reg. 1(2))
F4: Words in reg. 13(2) substituted (with effect in relation to any surrender made or effected on or after 30.3.2014) by The Stamp Duty Reserve Tax (Finance Act 1999, Schedule 19) (Consequential Amendments) Regulations 2014 (S.I. 2014/1932), regs. 1(1), 2(10)(b)(ii) (with reg. 1(2))
F5: Words in reg. 13(2) substituted (1.4.2011) by The Stamp Duty Reserve Tax (Amendment) Regulations 2010 (S.I. 2010/664), regs. 1(3), 9(2)(a) (with reg. 12)
F6: Words in reg. 13(2) substituted (1.4.2011) by The Stamp Duty Reserve Tax (Amendment) Regulations 2010 (S.I. 2010/664), regs. 1(3), 9(2)(b) (with reg. 12)
F7: Reg. 13(2A) inserted (1.4.2011) by The Stamp Duty Reserve Tax (Amendment) Regulations 2010 (S.I. 2010/664), regs. 1(3), 9(3) (with reg. 12)
F8: Reg. 13(3)-(5) substituted for reg. 13(3) (1.4.2011) by The Stamp Duty Reserve Tax (Amendment) Regulations 2010 (S.I. 2010/664), regs. 1(3), 9(4) (with reg. 12)

Commencement

I1: Reg. 13 in force at 27.10.1986, see reg. 1