Finance (No. 2) Act 2023 · Updated to 29 Dec 2023 · Chapter III · Amendments to the Real Property Gains Tax Act 1976
38. New section 13a
Feedback & supportThe principal Act is amended by inserting after section 13
the following section:
“Amendment of return 13a. (1) Where for a year of assessment a person has furnished a return in accordance with section 13, that person may make amendment to such return in an amended return as prescribed by the Director General in respect of the amount of tax or additional tax payable by that person on the chargeable gains or on the amount of tax which has been or would have been wrongly repaid to him.
An amended return under subsection (1) shall only be made after the due date for the furnishing of the return in accordance with section 13, but not later than six months from that date.
For the purposes of this section, the amended return shall—
specify the amount or additional amount of chargeable gains and the amount of tax or additional tax payable on that chargeable gains;
specify the amount of tax payable on the tax which has or would have been wrongly repaid to him;
specify the increased sum ascertained in accordance with subsection (4); or
contain such particulars as may be required by the
Director General.
The tax or additional tax payable under subsection (1)
shall be increased by a sum equal to ten per cent of the amount of such tax or additional tax.
The amendment under subsection (1) shall only be made once.
Finance (No. 2)
Where—
a return for a year of assessment has been furnished in accordance with section 13; and
the Director General has made an assessment for that year of assessment under section 15, no amendment shall be allowed under this section.”.