Regulation 18 Bad debts and other tax credits: supplementary provisions
Where a person—
has received the benefit of a tax credit provided for by regulation 12 (bad debts), and
a payment—
for the relevant commercial exploitation in question is subsequently received by him (or by a person to whom a right to receive the whole or any part of the consideration written off has been assigned), or
is attributed to that relevant commercial exploitation by virtue of regulation 17,
that tax credit shall be withdrawn with effect from the time when sub-paragraph (b)(i) or (b)(ii) above is satisfied, as the case requires.
Where a person—
has received the benefit of a tax credit provided for by regulation 13 (tax credits other than bad debts), and
it subsequently transpires that any relevant requirement of this Part is not complied with,
that tax credit shall be withdrawn with effect from the time when he received that benefit.
Where a tax credit is withdrawn under this regulation—
the requirements of regulation 7 (content of returns), regulation 8 (payment) and regulation 9 (accounts) apply subject to this regulation; but
this regulation applies subject to regulation 28 (corrections) and regulation 29 (corrections of errors not exceeding £2,000).
Paragraph (3) above applies subject to paragraph 3 of Schedule 8 to the Act (assessment for excessive repayment).