Income Tax Act 2007 section 951

Collection and payment of income tax

Section 951 sets out when income tax on certain payments by deposit-takers, building societies and similar companies is due, how the amount is calculated, and that it must be paid without waiting for a formal assessment from HMRC.

• Income tax on a section 946 payment is due from the payer by the filing date for the return in which the payment must be included.
• The amount of tax due equals the sum the payer is required to deduct from the payment under the relevant provision referred to in section 946.
• The tax is payable directly by the person making the payment without any formal assessment being raised by HMRC.
• This is a self-assessed obligation — the payer must calculate, deduct and pay the correct tax without waiting for HMRC to issue a demand.