Taxes Management Act 1970 section 7

Contents of a plan

Section 7 sets out the information that must be included in a CGT exit charge payment plan, depending on the type of taxpayer, and allows HMRC to require security where there is a serious risk to tax collection.

• Where an individual or non-resident trader is eligible, the plan must state the EEA state of residence and, if applicable, the date they ceased trading in the UK through a branch or agency.
• Where trustees have become non-UK resident, the plan must state the date they ceased UK residence and the EEA state in which they became resident.
• Every plan must specify both the total exit charge the taxpayer believes is due and the amount of the deferred exit charge.
• HMRC may require security to be included in the plan if an officer considers there is a serious risk that the deferred exit charge would otherwise not be collected.