Repayments: issue repayment: freestanding credit created manually from a ‘stand alone’ claim or a claim on a return to carry back losses or pension contributions, or a claim on a return for farmer’s averaging (Schedule 1B TMA 1970). (Not EIS Def
Note: Freestanding credits are automatically created for Schedule 1B carry back claims made in the first version of a return from 2001-2002.
Effective date of payment (EDP)
For set offs, the later of
- The date the valid claim to relief was received
- The relevant due date of the charge against which the relief is to be set
- The fixed filing date of the later year’s return
Note: Freestanding credits created automatically where no liabilities are outstanding for the year of claim show an EDP of the date of the claim.
Where a freestanding credit is manually created for an averaging claim where there is an increase in the aggregate amounts given by s.59B(1)(b)TMA 1970 (see SACM11020 - Claims affecting Two or more years), treat as a set off against the tax contained in the self assessment.
Repayment supplement (RPS)
|The fixed filing date of the later year’s return|
|For example, claim made 2001-2002, RPS payable from 31/01/2003||For set offs within the same SA record|
- The relevant due date of the charge against which the credit is being set
For set offs to a different SA record or Head of Duty
- The date the set off is made
The projected date of issue of the repayment
RPS calculated automatically or manually?
- RPS will need to be calculated manually
Note: For claims made in the first version of a return where FSCs are created automatically, RPS will be calculated automatically.