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HMRC internal manual

COTAX Manual

Claims / reliefs: ACT: legislation: surplus ACT created by loss carry-back

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

Section Explanation
87A(7) TMA 1970 Rules for determining the amount of late payment interest payable when:
  • liability to CT is met by surplus ACT displaced by a loss carry-back
  • the ACT is itself carried back to an earlier AP.    
      826(7AA) ICTA 1988 Restricts repayment interest when:
  • ACT is made surplus because of a loss carry-back
  • the ACT itself is carried back to a CT Pay and File AP.