Regulation 5

Save in a case to which regulation 7 below applies, if in respect of a prescribed accounting period the total amount of the payments on account made by the taxable person exceeds the amount of tax due from him in respect of that period, the amount of the excess shall be paid to him by the Commissioners if and to the extent that it is not required by section 21 of the Finance Act 1988^f1 to be set against any sum which he is liable to pay to them.