Payment of tax: by instalments
TCGA92/S281 provides for tax to be paid by instalments over ten years if
certain specified assets are gifted, and
- gifts hold-over relief is not available, or in certain circumstances where hold-over relief was obtained but clawed back under the provisions of TCGA92/S169C.
For guidance on how to deal with claims see CG66520+.
If disposal proceeds are receivable in instalments but tax is payable in full this may cause hardship. TCGA92/S280 allows the tax to be paid by instalments in certain circumstances. For guidance on how to deal with claims see CG14910+.
TCGA92/S279 provides that payment of tax may be deferred where
- a person realises a gain on the disposal of assets situated abroad, but
is genuinely unable to transfer that gain to the UK because
- restrictions are imposed abroad, or
- foreign currency is unobtainable.
For guidance on how to deal with claims see CG78401+.