SCHEDULE 1TRANSITIONAL PROVISIONS AND SAVINGS

PART 2SPECIFIC PROVISIONS

Overpayments and underpayments of tax: tax years before the tax year ending 5th April 1997

24.

(1)

Despite the revocations made by these Regulations, regulation 101 of the 1993 Regulations105 (repayment of overpayments and recovery of underpayments) continues to apply in relation to an assessment for a tax year ending on or before 5th April 1996, but with the modifications mentioned in sub-paragraph (2).

(2)

The modifications are—

(a)

the references in paragraphs (1) and (2) of regulation 101 to the appropriate code for a subsequent year are to be read as references to the employee’s code for a subsequent tax year;

(b)

the references in paragraphs (1) and (2) of that regulation to the inspector and to the collector are to be read as references to the Inland Revenue;

(c)

the reference in paragraph (6) of that regulation to a direction made by the collector under regulation 42(2) of the 1993 Regulations in relation to the employee and in respect of one or more income tax periods falling within the year is to be read as including a reference to a direction under regulation 72(5) of these Regulations in relation to that employee in respect of one or more tax periods falling within the tax year;

(d)

the reference in that paragraph to a direction made by the Board under regulation 42(3) of the 1993 Regulations in relation to the employee and in respect of one or more income tax periods falling within the year is to be read as including a reference to a direction under regulation 72(5) of these Regulations in relation to that employee in respect of one or more tax periods falling within the tax year;

(e)

the reference in that paragraph to a direction made by the Board under regulation 49(5) of the 1993 Regulations in relation to the employee and in respect of one or more income tax periods falling within the year is to be read as including a reference to a direction under regulation 81(4) of these Regulations in relation to that employee in respect of one or more tax periods falling within the tax year.

(3)

Any tax which is payable to the Inland Revenue under regulation 101(2) as it continues to have effect by virtue of this paragraph is payable within 14 days of the date on which the Inland Revenue first makes application for its payment.