# Finance Act 2012, Paragraph 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).
(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.

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Source: https://www.legislation.gov.uk/ukpga/2012/14/schedule/36/paragraph/18 (the official version)
Page: https://openlegislation.uk/finance-act-2012/schedule-36/paragraph-18
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.