SolvedCOM153041 | Claims/reliefs: ACT: legislation: surplus ACT created by loss carry-back
From HM Revenue & Customs · COTAX Manual
The table below gives a brief explanation of what the legislation relevant to this subject contains.
| Section | Explanation |
|---|---|
| 87A(7) Taxes management Act (TMA) 1970 | Rules for determining the amount of late payment interest payable when liability to CT is met by surplus ACT displaced by a loss carry-back and the ACT is itself carried back to an earlier AP. |
| 826(7AA) Income and Corporation Taxes Act (ICTA) 1988 | Restricts repayment interest when ACT is made surplus because of a loss carry-back or the ACT itself is carried back to a CT Pay and File AP. |