Finance Act, 1987
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Credit for appropriate tax borne. |
18.—(1) Where, in relation to an accounting period, a specified person is within the charge to corporation tax and has borne appropriate tax referable to that accounting period he may, subject to the provisions of section 21 , claim to have the amount of appropriate taxspecified in subsection (4) set against corporation tax chargeable for that accounting period and, where such appropriate tax exceeds such corporation tax, to have the excess refunded to him. | |
(2) Where, in relation to a year of assessment, a specified person is within the charge to income tax and has borne appropriate tax referable to the basis period for that year of assessment he may, subject to the provisions of section 21 , claim to have the amount of appropriate tax specified in subsection (4) set against the income tax chargeable for that year of assessment and, where such appropriate tax exceeds such income tax, to have the excess refunded to him. | ||
(3) The specified person shall, in respect of each claim under subsection (1) or (2), furnish, in respect of each amount of appropriate tax included in the claim, the form given to him by an accountable person in accordance with the provisions of section 16 (2). | ||
(4) The amount of the appropriate tax to be set against corporation tax for an accounting period or income tax for a year of assessment in accordance with subsection (1) or (2) shall be the total of the appropriate tax referable to the accounting period or to the basis period for the year of assessment, as the case may be, which is included in the forms furnished in accordance with subsection (3) and not repaid under any of the provisions of this Chapter. |