740. Interest on tax overpaid by companies; impact of reliefs.

In any case where:

  1.  

    (1)     a company carrying on a trade1 incurs a loss in the trade in an accounting period2 ('the later period');

  2.  

    (2)     as a result of a claim3 the whole or any part of that loss is relieved4 for the purposes of corporation tax against profits, of whatever description, of an earlier accounting period ('the earlier period') which does not fall wholly within the period of 12 months immediately preceding the later period; and

  3.  

    (3)     a repayment falls to be made of corporation tax paid for the earlier period or of income tax in respect of