Revenue Note for Guidance
A chargeable person is obliged to pay preliminary tax for a chargeable period except where the inspector has already made an assessment before the due date for payment. The amount to be paid is the amount which in the taxpayer’s opinion would be due under an assessment for the period.
Under section 958 preliminary tax is payable as follows —
Preliminary tax is not payable in the case of capital gains tax. However, a system of payment of final tax due operates in advance of the date on which the relevant return must be made.
Preliminary tax is payable without notice from the inspector and is allowable, as appropriate, as a credit against income tax, corporation tax or capital gains tax due for the tax year or accounting period.
Relevant Date: Finance Act 2021