Part 23Company distributions
Chapter 7Tax credits
1111Section 1110: supplementary
1
If—
a
an assessment is made under section 1110 to recover tax credit paid to a company in respect of franked investment income received in an accounting period, and
b
more than one payment of tax credit was made in respect of that period,
then as far as possible a sum recovered is treated as relating to a payment of tax credit made later rather than to one made earlier.
2
TMA 1970 applies to an assessment under section 1110 for recovering a payment of tax credit, or of interest on a tax credit—
a
as if it were an assessment to corporation tax for the accounting period in respect of which the payment was claimed, and
b
as if the payment represented a loss of tax to the Crown.
3
Any sum charged by an assessment such as is mentioned in subsection (2) is due within 14 days after the notice of assessment is issued.
4
The duty to comply with subsection (3) is subject to any appeal against the assessment.