Gifts: instalments: liaison with Collector
If you receive an election to pay Capital Gains Tax by instalments then you need to let the Collector know. You have to
- advise the Collector immediately that the application has been received and that it is being verified
- verify the election
- agree with the taxpayer the amount of tax chargeable on the gain which the instalment arrangement covers
advise the Collector
- if payment is by instalments, indicating how much tax is covered by the instalment arrangement
- or, if payment is not by instalments, sending the Collector a copy of the letter issued to the taxpayer refusing the election.