Section 23

by substituting for subsection (1) the following subsection:

“(1)  Subject to subsections (1a), (1b) and (1c), where on a disposal to which section 13 applies and the consideration consists wholly or partly of money, the acquirer shall—

retain the whole of that money;

retain a sum not exceeding three per cent of the total value of the consideration; or

retain the amount of tax on the chargeable gains deemed assessed under subsection 14(1), whichever is the less and, whether or not the amount is so retained, within a period of sixty days after the date of the disposal pay the amount to the

Director General.”;

18

Act 874

by substituting for subsection (1a) the following subsection:

“(1a)  Subject to subsection (1c), where a disposal under subsection (1) is made by a disposer under

Part II of Schedule 5 in relation to a disposal within a period of three years after the date of acquisition of the chargeable asset, the acquirer shall—

retain the whole of that money;

retain a sum not exceeding five per cent of the total value of the consideration; or

retain the amount of tax on the chargeable gains deemed assessed under subsection 14(1), whichever is the less and, whether or not the amount is so retained, within a period of sixty days after the date of the disposal pay the amount to the

Director General.”;

by inserting after subsection (1a) the following subsections:

“(1b)  Subject to subsection (1c), where a disposal under subsection (1) is made by a disposer under

Part III of Schedule 5, the acquirer shall—

retain the whole of that money;

retain a sum not exceeding seven per cent of the total value of the consideration; or

retain the amount of tax on the chargeable gains deemed assessed under subsection 14(1), whichever is the less and, whether or not the amount is so retained, within a period of sixty days after the date of the disposal pay the amount to the

Director General.

19

Finance

In relation to the amount so retained under subsection (1), (1a) or (1b), the Director General may under special circumstances allow extension of time for the amount to be paid.

Paragraph (1)(c), (1a)(c) or (1b)(c) may only apply if the notification under subsection 13(9) is received by the acquirer prior to the amount so retained under paragraph (1)(a) or (b), (1a)(a) or (b), or (1b)(a)

or (b) is paid to the Director General.”;