F14(1)The Board may by regulations make provision for the amount of any provisional repayment to which a company would otherwise be entitled for any accounting period ending after the opening transitional date and before the closing transitional date to be reduced by a prescribed percentage.
(2)The regulations may require a company claiming a provisional repayment for a provisional repayment period falling within such an accounting period to specify in the claim—
(a)the maximum amount to which it could have been entitled by way of provisional repayment for that provisional repayment period apart from the regulations;
(b)the maximum reduced entitlement for that provisional repayment period; and
(c)the amount of the provisional repayment claimed for that provisional repayment period.
(3)The regulations may make provision—
(a)for the charging of interest in any case where an insurance company claims, and is paid, by way of provisional repayment an amount in excess of the maximum reduced entitlement for the provisional repayment period to which the claim relates;
(b)for the period for which, and the rate at which, any such amount is to carry interest under the regulations;
(c)for any such interest to be treated for the purposes of section 30 of the Management Act as if it were an amount of corporation tax which had been repaid and which ought not to have been repaid; and
(d)for section 87A of that Act to apply in relation to an amount assessed to corporation tax under section 30 of that Act by virtue of the regulations with modifications corresponding to those specified in paragraph 3(3) above.
(4)The regulations may prescribe for the purposes of sub-paragraph (1) above different percentages for accounting periods ending after different dates.
(5)Sub-paragraphs (2) to (4) above are without prejudice to the generality of sub-paragraph (1) above.
(6)In this paragraph—
“the maximum reduced entitlement”, in relation to an insurance company and a provisional repayment period, means the maximum amount (as reduced in accordance with the regulations) to which the company could have been entitled by way of provisional repayment for that provisional repayment period;
“the opening transitional date” and “the closing transitional date” mean respectively such date as the Board may specify for the purpose in the first regulations made under this paragraph;
“prescribed” means specified in the regulations;
“the regulations” means any regulations under this paragraph.
Textual Amendments
F1Sch. 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