Budget 2007

Dates For Payment Of Tax

Income tax and capital gains tax

Interim payments will normally each equal 50% of the preceding year's total net income tax liability.

Inheritance tax

• On transfers 1 October - 5 April or on death
  • 6 months after end of month in which transfer or death occurs.
• On transfers 6 April - 30 September
• 30 April after end of tax year in which transfer occurs.

Corporation tax

• Small and medium-sized companies
  • 9 months and one day after end of accounting period.
• Large companies
  • payments on account due on a quarterly basis, commencing 6 months and 13 days from start of accounting period.

Value added tax

• 1 month* after end of return period, or 2 months for annual returns.

Stamp duty

• 30 days from execution of document.

Stamp duty land tax

• 30 days from effective date of land transaction.

Employment taxes

• Outstanding PAYEand class 1 NICs for the tax year
  • 19 April following end of tax year².
• Monthly PAYE and NIC payroll deductions
  • 19 of month following end of payroll month².
• Class 1A NICs year
  • 19 July following end of tax year².
• PAYEsettlement agreement
  • 19 October following end of tax year².

¹ 7 day extension may apply for payments made by electronic means
² 22 of month for payments made by electronic means.

The figures shown here are subject to ammendment as the Finance Bill passes through Parliament.

This information has been prepared only as a topical guide to tax and personal financial matters. No responsibility can be accepted by us for loss occasioned to any person acting or refraining from acting as a result of any material contained in this publication.