Section 148 | Meaning of qualifying refundable tax credits

(1)Repealed^F1

(2)A refundable tax credit is “qualifying” to the extent that, under the law of the territory in which it is given, it entitles a person to receive (by way of payment or discharge of liability) the amount of the refundable tax credit within 4 years of meeting the conditions for receiving it.

(3)But a refundable tax credit is never qualifying if it is creditable or refundable pursuant to a qualified refundable imputation tax or a disqualified refundable imputation tax (see section 253).

(4)In this Part “refundable tax credit” means a tax credit which—

(a)after any liability to covered taxes has been reduced or discharged by it, or

(b)in the absence of any ... liability to covered taxes,^F2

is payable in cash or cash equivalents (which for these purposes includes by way of discharge against a liability to a tax which is not a covered tax).