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HMRC internal manual

COTAX Manual

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HM Revenue & Customs
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Repayments / reallocations: non automatic repayments: legislation: payments of tax credits - responsible office

The table below gives a brief explanation of what the legislation relevant to this subject contains.

Section Explanation
   
242 ICTA 1988 Allows the set-off of losses and other excess reliefs against surplus franked investment income.
231(2) ICTA 1988 Allows repayment of a tax credit on a distribution received to be repaid to a company wholly or partially exempt for CT.