Taxes Management Act 1970 Schedule 3ZAA paragraph 1

Introduction

Schedule 3ZAA paragraph 1 introduces the concept of a CGT exit charge payment plan, which allows certain individuals and trustees to pay capital gains tax exit charges in instalments by agreement with HMRC.

• The schedule applies to persons liable to pay a capital gains tax exit charge under TCGA 1992 section 25 (individuals ceasing UK residence) or section 80 (trustees ceasing UK residence).
• Eligible persons may enter into an agreement with HMRC to pay the exit charge in instalments rather than as a single lump sum.
• Any such instalment agreement made under this schedule is formally known as a "CGT exit charge payment plan".
• The schedule sets out the framework and detailed rules governing how these payment plans operate.