848M Taxation of gains.
(1) A qualifying savings manager shall be liable to tax (in this Part referred to as “relevant tax”) on a gain treated under this Part as accruing to a special savings incentive account in an amount equal to 23 per cent of the amount of that gain.
(2) A qualifying savings manager who becomes liable under subsection (1) to an amount of relevant tax shall be entitled to withdraw sufficient funds from the account to which the gain is treated as accruing to satisfy that liability and the qualifying individual shall allow such withdrawal; but where there are no funds or insufficient funds available in the account out of which the qualifying savings manager may satisfy, or fully satisfy, such liability, the amount of relevant tax for which there are insufficient funds so available shall be a debt due to the qualifying savings manager from the qualifying individual.
(3) Subject to section 848P, the relevant tax in respect of a gain which in accordance with that section, is required to be included in a return, shall be due at the time by which the return is to be made and shall be paid by the qualifying fund manager without the making of an assessment; but relevant tax which has become so due may be assessed on the qualifying savings manager (whether or not it has been paid when the assessment is made) if that tax or any part of it is not paid on or before the due date.
(4) Where it appears to the inspector that there is any amount of relevant tax which ought to have been, but has not been, included in a return, or where the inspector is dissatisfied with any return, the inspector may make an assessment on the qualifying savings manager
>to the best of his or their judgment<, and any amount of relevant tax due under an assessment made by virtue of this subsection shall be treated for the purposes of interest on unpaid tax as having been payable at the time when it would have been payable if a correct return had been made.
(5) (a) Any relevant tax assessed on a qualifying savings manager under this Chapter shall be due within one month after the issue of the notice of assessment (unless that tax is due earlier under subsection (3)) subject to any appeal against the assessment, but no such appeal shall affect the date when any amount is due under subsection (3).
(b) On the determination of an appeal against an assessment under this section any relevant tax overpaid shall be repaid.
(6) (a) The provisions of the Income Tax Acts relating to—
(i) assessments to income tax,
(ii) appeals against such assessments (including the rehearing of appeals and the statement of a case for the opinion of the High Court), and
(iii) the collection and recovery of income tax,
shall, in so far as they are applicable, apply to the assessment, collection and recovery of relevant tax.
(b) Any amount of relevant tax payable in accordance with this Part without the making of an assessment shall carry interest at the rate of
>1 per cent for each month or part of a month< from the date when the amount becomes due and payable.
>Subsections (2) to (4) of section 1080< shall apply in relation to interest payable under paragraph (b) as they apply in relation to interest payable under section 1080.
(d) In its application to any relevant tax charged by any assessment made in accordance with this section, section 1080 shall apply as if
>subsection (1)(b)< of that section were deleted.