Finance Act 2024

Power to recover overpayments

1 (1) Paragraph 52 of Schedule 18 to FA 1998 (recovery of excessive payments) is amended as follows.

(2) In sub-paragraph (1), in the words before paragraph (a), for “paragraph” substitute “sub-paragraph”.

(3) In sub-paragraph (2)—

(a) for “This paragraph” substitute “Sub-paragraph (1)”;

(b) omit paragraphs (bd) to (bi).

(4) In sub-paragraph (2A), after paragraph (c) insert “, or

(d) creative sector credit,”.

(5) After sub-paragraph (2A) insert—

“(2B) In this paragraph, “creative sector credit” means—

(a) audiovisual expenditure credit or video game expenditure credit under Chapter 3 of Part 14A of the Corporation Tax Act 2009,

(b) film tax credit under Part 15 of that Act,

(c) television tax credit under Part 15A of that Act,

(d) video game credit under Part 15B of that Act,

(e) theatre tax credit under Part 15C of that Act,

(f) orchestra tax credit under Part 15D of that Act, or

(g) museums and galleries exhibition credit under Part 15E of that Act.”

(6) In sub-paragraph (5)—

(a) omit paragraphs (ae) and (ag) to (ak);

(b) before paragraph (b) insert—

“(al) an amount of creative sector credit paid to a company for an accounting period, or”;

(c) in the words after paragraph (b), for the words from “the” to the end substitute “that accounting period”.

(7) Those amendments have effect in relation to accounting periods beginning on or after 1 April 2024.