CTM35250 | Income Tax: Deduction of tax: Conditions for a set off claim under ITA07/S952 (formerly ICTA88/SCH 16/PARA5)

Set off of Income Tax borne against Income Tax payable for a return period

A company resident in the UK may make a claim under ITA07/S952 onwards to set-off IT borne on the company income against IT payable, CTM35125. It may, if it wishes, claim under ITA07/S953 in respect of part of the tax deducted from a receipt. Any balance of IT will where possible be set off against CT due under CTA10/S967 (1) to S967 (3) (formerly the familiar ICTA88/S7 (2)).