RepaymentsU.K.
18(1)Sub-paragraph (2) applies if the amount of a credit allowable under paragraph 15(3) exceeds the amount of income tax or, as the case may be, capital gains tax due from P for the applicable year (before set-off).U.K.
(2)The excess is to be set against any amount of the other tax (income tax or capital gains tax) due from P for that year.
(3)Nothing in this Part entitles any person to a repayment or refund of tax, save for any repayment to which P may be entitled as a result of paragraph 15(3) if, in relation to a credit allowable under that paragraph, there is any remaining balance after applying—
(a)sub-paragraph (2), and
(b)section 138(4)(a) or 140(5)(a) of TIOPA 2010, if applicable to the cleared amount.