Part 23 Company distributions

Chapter 7 Tax credits

1111 Section 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.