SCHEDULES
SCHEDULE 54Repayment interest
Part 3Supplementary
13Attribution of repayments
1
This paragraph applies for the purpose of determining, for the purposes of this Schedule, how a repayment to a person (“P”) in respect of income tax for a tax year is to be attributed to payments made in respect of that tax.
2
Such a repayment is to be attributed to payments in the following order—
a
first, to so much of any payment made by P under section 59B of TMA 1970 as is a payment in respect of income tax for that year,
b
second, in two equal parts to each of the payments (if any) made by P under section 59A of that Act on account of income tax for that year, and
c
third, to income tax deducted at source for that year.
3
In so far as it is attributable to a payment made in instalments, a repayment is to be attributed to a later instalment before being attributed to an earlier one.
14Interpretation
In this Schedule any reference to income tax deducted at source for a tax year is a reference to—
a
income tax deducted (or treated as deducted) from any income, or treated as paid on any income, in respect of that year, and
b
amounts which, in respect of that year, are tax credits to which section 397(1) or 397A(2) of ITTOIA 2005 applies,
but does not include a reference to amounts which, in that year, are deducted at source under PAYE regulations in respect of previous years.