Section 111 | Claim for repayment if regulations under general power not approved

(1)Where regulations cease to have effect under section 110, a claim may be made to the Inland Revenue for repayment of any tax, interest or penalty that would not have been payable but for the regulations.^F1

(2)Section 89 (interest on repayment of tax overpaid etc) applies to a repayment under this section.

(3)A claim for repayment must be made within two years after the effective date of the transaction in question.

(4)The Inland Revenue may make provision by regulations—

(a)for varying the time limit for making a claim;

(b)as to any other conditions that must be met before repayment is made.