Income Tax (Trading and Other Income) Act 2005 section 299

Payment of tax by instalments

Section 299 allows a taxpayer to pay tax in instalments where a taxable property income receipt — such as a lease premium or certain other sums — is itself payable by instalments.

• Where a lease premium or certain other property-related sums are receivable by instalments, the resulting tax liability may also be paid by instalments.
• The taxpayer may elect to pay the tax in instalments, subject to approval by an officer of Revenue and Customs who determines the amount and timing of each instalment.
• The instalment period for paying the tax must not exceed eight years.
• All tax instalments must be paid by the date the final instalment of the underlying premium or sum falls due, even if that date is earlier than eight years.