This regulation applies if, as a consequence of paying a certified amount of tax under regulation 75A in relation to the tax year, the total amount of tax paid to HMRC for the tax year under these Regulations by an employer exceeds the amount which would have been paid had it not been necessary for HMRC to prepare the certificate.

The employer is entitled to set off the excess tax against any amount which the employer is liable to pay under regulation 67G F1, as adjusted by regulation 67H(2) where appropriate, for any subsequent tax period or, if the tax year in question has ended, the excess of tax paid may be repaid.