Finance Act, 1983

Tax credit recovered from company.

42.—(1) Where under any provision of the Corporation Tax Acts a company obtains payment of a tax credit in respect of a distribution received by it on or after the 9th day of February, 1983, and that tax credit or any part thereof is subsequently recovered from the company by an assessment on it to income tax under Case IV of Schedule D, then the amount of the tax credit so recovered shall be treated for the purposes of section 41 as if it were a tax credit in respect of a distribution received by the company in the accounting period in which the amount is so recovered.

(2) Subsection (1) shall not apply in relation to a tax credit in respect of a distribution which, by virtue of section 49 , is treated as not being a distribution for the purposes of section 41 .