Regulation 4 Amendments to the principal Regulations

After regulation 10 there shall be inserted the following regulation—

“Repayment of tax— taxed income and tax credits

10A

(1)

The like provisions as are contained in section 824 of the Taxes Act^f1 (as that section has effect for the year of assessment 1995-96) shall have effect in relation to—

(a)

any repayment of tax which was paid by way of deduction at source in respect of income charged to tax in accordance with section 171, and falling within section 172(1)(c), of the Finance Act 1993^f2, and

(b)

any payment of the whole or part of a tax credit (to which section 824 of the Taxes Act applies by virtue of subsection (2) of that section) in respect of such income,

as if “the relevant time” for the purposes of subsection (1) of that section was the end of the period of 12 months following the year of assessment for which the tax was assessed on the member concerned.

(2)

This regulation shall have effect for the year of assessment 1995-96 only.”

Annotations

Footnotes

f1: Section 824 was amended by paragraph 7 of Schedule 13 to the Finance Act 1988 (c. 39), sections 110(5), 111(4), 158(2)(b) and 179(1)(a)(vii) of, and Parts IV, VIII and X of Schedule 17 to, the Finance Act 1989, and paragraph 14(52) of Schedule 10 to the Taxation of Chargeable Gains Act 1992 (c. 12).
f2: Section 171 was amended by section 228(3) of, and paragraph 1 of Schedule 21 and Part V(25) of Schedule 26 to, the Finance Act 1994 (c. 9).