Regulation 31 Amount of credit

Subject to paragraph (2), the credit arising under this Part is an amount equal to such proportion of the tax charged on the taxable activity as the outstanding amount forms of the total consideration.

Where the consideration for the taxable activity in question is less than twice the amount of tax accounted for and paid by a person in respect of that activity, the amount of the tax credit which they can claim under paragraph (1) above shall be restricted to half the outstanding amount.