Finance (No. 2) Act 2023 · Updated to 29 Dec 2023 · Chapter III · Amendments to the Real Property Gains Tax Act 1976
39. Amendment of section 14
Feedback & supportSection 14 of the principal Act is amended—
by substituting for subsection (1) the following subsection:
“(1) Where a person has furnished a return in accordance with section 13, the Director General shall be deemed to have made, on the day on which the return is furnished, an assessment in respect of that person in the amount of tax on the chargeable gains, the tax and the chargeable gains being the respective amounts as specified in the return.”; and
by inserting after subsection (1) the following subsection:
“(1a) For the purposes of this Act, where the Director
General is deemed to have made an assessment under subsection (1)—
the return referred to in that subsection shall be deemed to be a notice of assessment;
and
the deemed notice of assessment shall be deemed to have been served on the person on the day on which the Director General is deemed to have made the assessment.”.