SCHEDULES
C1C2C3C4C5C6C7C9 SCHEDULE 18 Company tax returns, assessments and related matters
Sch. 18 modified (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 68(c); S.I. 2005/1126, art. 2(2)(h)
Sch. 18 applied (20.7.2005) by Finance (No. 2) Act 2005 (c. 22), s. 61
Sch. 18 applied (with modifications) (6.4.2006) by The Registered Pension Schemes (Accounting and Assessment) Regulations 2005 (S.I. 2005/3454), regs. 1, 13
Sch. 18 excluded (17.7.2013) by Finance Act 2013 (c. 29), s. 210(6)(b)
Sch. 18: power to amend conferred (12.2.2019) by Finance Act 2019 (c. 1), s. 87(5)(a)(6)
Sch. 18 applied (with modifications) (22.7.2020) by Finance Act 2020 (c. 14), Sch. 16 para. 11(4) (with Sch. 16 para. 11(5))
Sch. 18 applied (with modifications) (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 303(7)(8) (with s. 303(6))
Part VIF10Overpaid tax, excessive assessments or repayments, etc
Words in Sch. 18 Pt. VI heading inserted (with effect in accordance with s. 100(2) of the amending Act) by Finance Act 2009 (c. 10), Sch. 52 para. 14
Recovery of excessive repayments etc
C852
1
The provisions of paragraphs 41 to 48 relating to discovery assessments apply to an amount to which this F22sub-paragraph applies as if it were unpaid tax, unless—
a
it is assessable under those provisions apart from this paragraph, or
b
it is recoverable under section 826(8A) of the Taxes Act 1988 (interest overpaid which is recoverable in same way as interest charged).
2
F17Sub-paragraph (1) applies to an amount paid to a company by way of—
a
repayment of tax (or income tax) F12... ,
b
repayment supplement under section 825 of the Taxes Act 1988,
F14bza
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F15ba
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F1bb
land remediation tax credit or life assurance company tax credit under F6Part 14 of the Corporation Tax Act 2009, or
F7bc
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F24bd
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F24be
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F24bf
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F24bg
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F24bh
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F24bi
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c
interest paid under section 826 of F2the Taxes Act 1988,
to the extent that it ought not to have been paid.
F132A
The provisions of paragraphs 41 and 45 to 48 relating to discovery assessments apply to an amount paid to a company by way of—
a
first-year tax credit under Schedule A1 to the Capital Allowances Act;
b
R&D expenditure credit under F23Chapter 1A of Part 13 of the Corporation Tax Act 2009;
c
R&D tax credit under Chapter 2 or 7 of Part 13 of that Act, F21or
d
creative sector credit,
but only to the extent that the company was not, or is no longer, entitled to the credit.
F162B
In this paragraph, “creative sector credit” means—
a
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.
3
For the purposes of this paragraph—
a
an amount is regarded as paid if it is allowed by way of set-off, and
b
an amount is regarded as a repayment if it was intended as repayment but exceeds the amount paid by the company.
F84
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5
An assessment to recover—
a
an amount of tax repaid to a company in respect of an accounting period, or interest on any such repayment,
F11aa
an amount of R&D expenditure credit paid to a company for an accounting period,
F3ab
an amount of R&D tax credit paid to a company for an accounting period,
F4ac
an amount of land remediation tax credit or life assurance company tax credit paid to a company for an accounting period, or
F9ad
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F20ae
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F5af
an amount of first-year tax credit under Schedule A1 to the Capital Allowances Act paid to a company for an accounting period,
F25ag
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F25ah
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F25ai
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F25aj
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F25ak
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F18al
an amount of creative sector credit paid to a company for an accounting period, or
b
an amount of income tax repaid to a company in respect of a payment received by the company in an accounting period, or interest on any such repayment,
shall be treated as an assessment to tax for F19that accounting period.
6
The sum assessed shall carry interest at the prescribed rate for the purposes of section 87A of the M1Taxes Management Act 1970 (interest on overdue corporation tax, etc.) from the date when the payment being recovered was made until payment.
Sch. 18 restricted (31.7.1998) by 1988 c. 1, s. 754B(10) (as inserted (31.7.1998 with effect as mentioned in Sch. 17 para. 37 of 1998 c. 36) by 1998 c. 36, s. 113, Sch. 17 para. 11)