COM125122 - 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 |