Income and Corporation Taxes Act 1988

F1 2 [F2 (1) This paragraph applies in any case where—

(a) a claim has been made for a provisional repayment for at least one provisional repayment period in an accounting period of a company;

(b) subsequently, a further such claim is made for a provisional repayment period falling within that accounting period; and

(c) had that further claim been the first claim made for a provisional repayment for that accounting period, the provisional fraction for the accounting period would have been a different fraction (whether in consequence of the delivery of a [F3 company tax return] for a later preceding accounting period or the application of paragraph 1(11) above);

and in this paragraph the “substituted provisional fraction” means the different fraction mentioned in paragraph (c) above.

(2) Where this paragraph applies—

(a) the amount of any provisional repayment to which the company is entitled for the provisional repayment period mentioned in sub-paragraph (1)(b) above shall be an amount determined in accordance with sub-paragraph (3) below or such lesser amount as may be specified in the claim; and

(b) in relation to any later provisional repayment period in the same accounting period, the substituted provisional fraction shall, subject to any further application of this paragraph, be treated as the provisional fraction for the accounting period.]

(3) The amount referred to in sub-paragraph (2) above is the amount (if any) by which total entitlement exceeds total past payments, and for this purpose—

• “total entitlement” means the aggregate of the provisional repayments to which the company would have been entitled (apart from this paragraph) for—

  (a)

  the provisional repayment period to which the claim relates, and

  (b)

  any earlier provisional repayment period in the same accounting period,

  [F4 had the substituted provisional fraction been the provisional fraction for the accounting period as from the beginning of that period; and]

• “total past payments” means the aggregate of any amounts already paid by way of provisional repayments for provisional repayment periods falling within that accounting period.

(4) Expressions used in this paragraph and in paragraph 1 above have the same meaning in this paragraph as they have in that paragraph.

Textual Amendments

F1 Sch. 19AB inserted (25.7.1991 with effect as mentioned in s. 49(3) in relation to accounting periods beginning on or after 2.10.1992) by Finance Act 1991 (c. 31, SIF 63:1), s. 49, Sch.8; S.I. 1992/1746, art.2

F2 Sch. 19AB para. 2(1)(2) substituted (with effect in accordance with s. 169(3) of the amending Act) by Finance Act 1996 (c. 8), Sch. 34 para. 2(2)

F3 Words in Sch. 19AB para. 2(1)(c) substituted (with effect in accordance with s. 117(4)(5) of the amending Act) by Finance Act 1998 (c. 36), Sch. 19 para. 51(6); S.I. 1998/3173, art. 2

F4 Sch. 19AB para. 2(3): words in definition of "total entitlement" substituted (with effect in accordance with s. 169(3) of the amending Act) by Finance Act 1996 (c. 8), Sch. 34 para. 2(3)