PaymentU.K.
35.—(1) Any repayment by a borrower under this Part must be paid as if the repayment were an amount of income tax payable by the borrower under section 59B of the 1970 Act (payment of income tax and capital gains tax) in accordance with the following paragraphs.
(2) In a case where the borrower—
(a)gave the notice required by section 7 of the 1970 Act within 6 months from the end of the tax year, but
(b)was not given notice under section 8 of the 1970 Act until after 31 October next following that year,
any repayment by a borrower must be made at the end of the period of three months beginning with the day on which the notice under section 8 of the 1970 Act was given.
(3) In any other case the repayment must be made on or before 31 January next following the tax year.
(4) Section 59B(4A), (5) or (6) of the 1970 Act applies where an enquiry, an amendment of a self-assessment or an assessment is made in respect of a repayment under this Part respectively, and any reference to tax payable in those subsections is to be treated as a reference to a repayment by a borrower.
(5) Sections 59B(5A), (7) and (8) of the 1970 Act do not apply for the purposes of this regulation.