DMBM580020 - Pre-enforcement: alternative rights of recovery: assessed taxes

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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