Finance Act 2024 · Updated to 31 Dec 2024 · Chapter III · Amendments to the Real Property Gains Tax Act 1976
22. Amendment of section 21
Feedback & supportSection 21 of the principal Act is amended—
in subsection (1a)—
by deleting the words “or additional tax”;
21
Finance
by substituting for the words “sixty days”
the words “ninety days”; and
by deleting the words “or additional assessment”;
and
by substituting for subsection (4) the following subsection:
“(4) Subject to subsection (3), where any tax due and payable on the service of a notice in accordance with subsection (1) or (2) has not been paid within thirty days after the service of that notice (or within such longer period as may be allowed by the
Director General) or where any tax due and payable under subsection (1a) has not been paid within the period of ninety days from the date of disposal, so much of the tax as is unpaid upon the expiration of the thirty days or that longer period, or upon the expiration of the ninety days, as the case may be, shall, without any further notice being served on him, be increased by a sum equal to ten per cent of the tax so unpaid, and that sum shall be recoverable as if it were tax due and payable under this Act:
Provided that—
if the tax payable is reduced on appeal or otherwise, the sum paid or payable by way of increase shall be reduced proportionately; and
the Director General may, in his discretion, for any good cause shown, remit the whole or any part of any increase in the tax payable under this subsection.”.