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HMRC internal manual

Company Taxation Manual

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HM Revenue & Customs
Updated
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ACT: FID: repayment or set off of ACT: procedure

ICTA88/S246Q (1) - (8)

ACT was repaid or set off under the FID scheme.

The set off was against the company’s CT liability for the relevant period, after any ACT set off under ICTA88/S239 (1) for that period.

Any excess was repayable, but only after nine months from the end of the relevant period.

The ‘relevant period’ was the accounting period in which the FID was paid.

ACT that was repaid or set off under the FID provisions could not also be set off under ICTA88/S239 (1) against the company’s CT liability for any accounting period, or surrendered under ICTA88/S240.

Claims for repayment or set off of ACT were normally made on a return. Claims on a return or amended return could be accepted as long as they were supported by the particulars you required. A claim not made in a return had to be supported by such particulars.

ACT which was set off or repaid as a result of a claim might already have been carried forward under ICTA88/S239 (4) and set off against CT liability for a later accounting period. If that happened you needed to raise an ICTA88/S252 assessment on the basis that the ACT set off by virtue of ICTA88/S239 (4) should not have been made.

In deciding whether ACT repaid or set off under the FID provisions had already been set off against CT liability of a later period, the ACT repaid or set off was treated as set off against the CT liability after the set off of any other amounts of ACT that were available.