Finance Act 1995

9 (1) In subsection (4) of that section (amounts of surplus advance corporation tax) for the words “subsection (7)” there shall be substituted “subsections (4B) and (7)”.

(2) After subsection (4A) of that section there shall be inserted—

“(4B) Where, in a case falling within subsection (4A)(a) and (b) above—

(a) there is in the earlier period, as a result of the claim under section 131(5) or (6) of the [1993 c. 34.] Finance Act 1993, an amount of surplus advance corporation tax, as defined in section 239(3) of the principal Act, and

(b) pursuant to a claim under the said section 239(3), the whole or any part of that amount is to be treated for the purposes of section 239 of the principal Act as discharging liability for an amount of corporation tax for an accounting period before the earlier period,

the claim under the said section 239(3) shall be disregarded for the purposes of subsection (4A) above but subsection (4) above shall have effect in relation to that claim as if the reference in the words after paragraph (c) to the later period within the meaning of subsection (4) above were a reference to the period which, in relation to the claim under section 131(5) or (6) of the [1993 c. 34.] Finance Act 1993, would be the later period for the purposes of subsection (4A) above.”