Section 21B. Requisition to acquirer. (Real Property Gains Tax Act 1976

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

Section 21B. Requisition to acquirer.

(1) Where on a disposal to which section 13 applies, the consideration consists wholly or partly of money-

(a) the acquirer shall until he receives the Director General's certificate of clearance under section 21A, retain the whole of that money or a sum not exceeding five per cent of the total value of the consideration whichever is the less;

[Sub.Act 476:s:25]

(b) the Director General may, at any time, before he sends the certificate of clearance, serve upon the acquirer a written requisition in the prescribed form calling upon him to pay the whole or any part of the sum retained under paragraph (a) (or, where the acquirer has failed to comply with that paragraph, the sum which should have been so retained) within a time specified in the requisition;

[Ins Act 323:s:35]

(c) in a case where paragraph (b) applies, the acquirer shall deliver the sum stated in the requisition to the Director General within the time specified in the requisition.

[Ins Act 323:s:35]

(2) A requisition issued under this section shall be deemed to be an assessment for the purposes of this Act.

[Ins Act 323:s:35]

(3) An acquirer who is required under this section to deliver to the Director General a sum which he should have, but has not retained under paragraph (1)(a), shall, on complying with the requisition, be deemed for the purposes of subsection 16(3) to have been assessed in the sum under subsection 16(1) and to have paid that sum in pursuance of that assessment.

[ Ins. Act 323:s:35 ]