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HMRC internal manual

Debt Management and Banking Manual

From
HM Revenue & Customs
Updated
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Pre-enforcement: alternative rights of recovery: assessed taxes

Assessed taxes

In some circumstances, particularly where Capital Gains are assessed, it is possible to recover debts from a person or company other than the person originally assessed. The alternatives are listed in the table below

Tax on If not paid within may be recovered from under time for alternative to be assessed
         
Trustees of a settlement 6 months from due and payable date the beneficiary TCGA1992/S69(4) 2 years from the due date
Trustee resident abroad At anytime Any former trustees resident in the UK TCGA1992/S82(2) 3 years from the tax being finally determined
Shares or debentures exchanged in a company reconstruction or amalgamation 6 months from the later of the due and payable date or date assessment made Person originally holding them TCGA1992/S137(4) 2 years from the later of the due and payable date or date assessment made
Transfer of business assets 6 months from the later of the due and payable date and the date assessment made Person receiving the assets TCGA1992/S139(7) 2 years from the later of the due and payable date and the date assessment made
Transfer of business assets when a company leaves a group 6 months from the due and payable date Principal company in the group TCGA1992/S178(9) & S179 (11) 2 years from due and payable date
Capital distribution of chargeable gains 6 months from the later of the due and payable date and the date assessment made Shareholder defined in S189(1) TCGA1992/S189(2) 2 years from the later of the due and payable date and the date assessment made
Gain accruing to a member of a group of companies 6 months from the later of the due and payable date and the date assessment made Another member company TCGA1992/S190(1) 2 years from the later of the due and payable date and the date assessment made
Gain accruing to a non-resident company 6 months from the later of the due and payable date and the date assessment made Another member company or the controlling director TCGA1992/S191(2) 3 years from the later of the due and payable date and the date assessment made
Disposal of asset by way of a gift 12 months from the due and payable date Person receiving the gift TCGA1992/S282(1) 2 years from the due and payable date
Migrating companies At any time Another company in the same group or a controlling director FA1988/S132(2) 3 years from the tax being finally determined
Higher rate tax due from beneficiary (1994/5 and earlier only) 6 months from the due date Trustees of the discretionary trust ICTA1988/S689 No limit
Trustees of an employee share ownership trust 6 months from the assessment being final and conclusive The company FA89/S68(3) No limit