A return of a lifetime chargeable transfer must be filed within 12 months after the end of the month in which the transfer was made. The return of transfers on death, and lifetime transfers where tax or additional tax becomes payable by reason of death, must be filed within 12 months after the end of the month in which death occurs. For deaths occuring on or after 9 March 1999 personal representatives will, in addition be required to include intheir account details of any chargeable transfers made by the deceased within the seven years before their death. Value added tax VAT returns are normally required for each quarterly VAT period and must be filed within one month of the end of the VAT period. There are schemes available which allow for the submission of annual or monthly returns depending upon the individual circumstances of the taxable person.
Most income tax is settled by PAYE and other deductions at source.
Corporation tax Income tax deducted at source is due on submission of form CT61. The mainstream corporation tax liability is due nine months and one day after the end of the accounting period. For accounting periods ending on or after 1 July 1999, a quarterly payment system is being introduced. This applies to large companies, i.e. those that pay corporation tax at the main rate. For the first three years of this quarterly payment regime, a proportion of the tax will remain payable nine months and one day after the year end.