Persons other than relevant transferees may elect to defer payment of windfall gains tax
31 Persons other than relevant transferees may elect to defer payment of windfall gains tax
A person (other than a relevant transferee) who is liable to pay windfall gains tax may elect to defer the payment of up to 100% of that tax.
Subject to subsection (3), an election must be made to the Commissioner—
in a form approved by the Commissioner; and
before the day on which the windfall gains tax is payable.
The Commissioner may accept an election on or after the day on which the windfall gains tax is payable.
An election to defer the payment of the whole or part of the windfall gains tax under subsection (1) (including an election accepted by the Commissioner under subsection (3)) takes effect from the date on which the liability to pay the tax arises.
A person who has deferred the payment of part of the windfall gains tax under this section must pay the part of the tax that has not been deferred by the day specified in the notice of assessment of windfall gains tax given to the person.
If a part of the windfall gains tax that has not been deferred under this section is not paid by the day specified in the notice of assessment of windfall gains tax, the whole of the windfall gains tax becomes immediately payable as if the election of the deferral had never been made.
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