After section 59C of the Management Act there shall be inserted the following section—
(1)Corporation tax for an accounting period shall be due and payable on the day following the expiry of nine months from the end of that period.
(2)If, with respect to any accounting period—
(a)a company has paid an amount of corporation tax; and
(b)at any time before an assessment to corporation tax for the period becomes final, the company has grounds for believing that, by reason of a change in the circumstances of the case since the tax was paid, the amount paid exceeds the company’s probable liability for corporation tax,
the company may, by notice given to an officer of the Board on or after the date which, under section 826 of the principal Act, is the material date in relation to that tax, make a claim for the repayment to the company of the amount of that excess.
(3)A notice under subsection (2) above shall state the amount which the company considers should be repaid and the grounds referred to in paragraph (b) of that subsection.
(4)If, apart from this subsection, a claim would fall to be made under subsection (2) above at a time when—
(a)the company has appealed against, or against an amendment of, such an assessment as is referred to in paragraph (b) of that subsection, but
(b)that appeal has not been finally determined,
that subsection shall have effect as if, for the words from “make a claim” to “excess”, there were substituted the words “apply to the Commissioners to whom the appeal stands referred for a determination of the amount which should be repaid to the company pending a determination of the company”s liability for the accounting period in question’.
(5)An application under subsections (2) and (4) above shall be determined in the same way as an appeal.
(6)Where on an appeal against, or against an amendment of, an assessment to corporation tax a company makes an application under section 55(3) or (4) of this Act, that application may be combined with an application under subsections (2) and (4) above (relating to tax which was paid prior to the assessment).”