Finance Act, 1992

Recovery of tax credits from companies.

49.—(1) Section 25 of the Corporation Tax Act, 1976 , is hereby amended, as respects any accounting period ending on or after the 1st day of April, 1992, by the insertion, after subsection (5), of the following subsection:

“(5A) Where a company makes a claim under subsection (5) in respect of an accounting period, any income tax payable by virtue of that subsection shall, for the purposes of the charge, assessment, collection and recovery from the company of that tax and of any interest or penalties thereon, be treated and described as corporation tax payable by that company for that accounting period, notwithstanding that for all other purposes of the Tax Acts it is income tax.”.

(2) Section 26 of the Corporation Tax Act, 1976 , is hereby amended, as respects any accounting period ending on or after the 1st day of April, 1992, by the insertion, after subsection (4), of the following subsection:

“(4A) Where a company makes a claim under subsection (4) in respect of an accounting period, any income tax payable by virtue of that subsection shall, for the purposes of the charge, assessment, collection and recovery from the company of that tax and of any interest or penalties thereon, be treated and described as corporation tax payable by that company for that accounting period, notwithstanding that for all other purposes of the Tax Acts it is income tax.”.