Commentary on Sections Part 6 – Returns and Payments Sections 56-57 - Liability for tax and payment of tax
72.Section 56 states that the buyer must pay any LTT due and therefore the provisions of TCMA apply to the chargeable amounts. The section also signposts special rules that apply to joint buyers, partnerships and trusts.
73.Section 57 provides that where a return is made the buyer must make payment of the amount of tax self-assessed in that return no later than the filing date for the return. In the event that the buyer amends their return, if the amendment is made before the filing date, they must pay any additional tax arising from that amendment no later than that filing date. If they make the amendment later, they must pay at the same time they make the amendment. However, these rules do not apply to any LTT which WRA has agreed can be deferred.