Section 16. Cases where acquirer may be assessed. (Real Property Gains Tax Act 1976

Real Property Gains Tax Act 1976 (Act 169)
PART III - ASSESSMENT AND COLLECTION

Section 16. Cases where acquirer may be assessed.

(1) Where in a case to which section 13 applies-

(a) the consideration on the disposal of a chargeable asset consists of another asset (whether chargeable or not);

(b) there is a failure by both the disposer and the acquirer to submit a return to the Director General in the prescribed form as required under section 13; or

(c) the consideration on the disposal of a chargeable asset is for the purposes of the Act the market value of the asset,

[Ins Act 476:s:23]

(1A) Where the Director General makes an assessment on the acquirer under paragraph (1)(b) there shall be included in that assessment a sum equal to ten per cent of the tax payable by the disposer, which shall be deemed to be an increase of the kind mentioned in subsection 21 (4).

[Ins Act 476:s:23]

(2) An assessment made under this section shall for all the purposes of this Act have effect and be treated as though it were an assessment made on a person disposing of a chargeable asset:

Provided that-

(a) the acquirer assessed under this section shall not be entitled to any deduction from the tax assessed for any tax relief for allowable losses suffered by the disposer; and

(b) in relation to the notice of assessment, paragraph 17(b) shall have effect as if it did not contain a reference to allowable losses.

[Ins Act 476:s:23]

(3) An acquirer of a chargeable asset who is assessed under this section shall be entitled-

(a) to recover as a debt due to him from the disposer the amount of any payment made in pursuance of the assessment; and

(b) for that purpose to require the Director General to furnish a certificate specifying the amount paid,

and any certificate so furnished shall be conclusive evidence of the facts stated therein.

[ Am. Act 323; 476 ]