Finance Act, 1992

Amendment of section 18 (date for payment of tax) of Finance Act, 1988.

32.Section 18 (as amended by section 52 of the Finance Act, 1991 ) of the Finance Act, 1988 , is hereby amended in paragraph (b) of subsection (3) (inserted by section 24 of the Finance Act, 1990 )—

(a) by the substitution in subparagraph (ii) of “in the case of an assessment to income tax made on a chargeable person” for “in the case of a chargeable person who is chargeable to income tax”,

(b) by the substitution in subparagraph (ii) and in both of the provisos thereto of “the income tax payable” for “the tax payable”, in each place where it occurs, and

(c) by the substitution in the first proviso to subparagraph (ii) of “additional income tax” for “additional tax”, in both places where it occurs,

and the said subparagraph (ii) (including the said provisos thereto), as so amended, is set out in the Table to this section.

TABLE

(ii) in the case of an assessment to income tax made on a chargeable person for the said chargeable period being a year of assessment, the income tax payable for the immediately preceding chargeable period:

Provided that for the purposes of this subparagraph—

(I) where the chargeable person was not a chargeable person for the immediately preceding chargeable period, the income tax payable for the immediately preceding chargeable period shall be taken to be nil, and

(II) where, after the due date for the payment of an amount of preliminary tax for a chargeable period which is a year of assessment, an amount of additional income tax for the immediately preceding chargeable period becomes payable, that additional income tax shall not be taken into account if, but only if, it became due and payable one month following the amendment to the assessment or the determination of the appeal, as the case may be, by virtue of the provisos (as amended by section 24 of the Finance Act, 1990 ) to subsection (4) or (5),

Provided also that, for the purpose of this subparagraph, where the chargeable person is chargeable to income tax for a chargeable period being the year of assessment 1991-92 or any subsequent year of assessment, the income tax payable for the immediately preceding chargeable period shall be determined without regard to any relief to which the chargeable person is, or may become, entitled for that immediately preceding chargeable period under Chapter III of Part I of the Finance Act, 1984 .