A4.632 Corporation tax

A4.632 Corporation tax

Interest is payable on payments to a company representing1:

  1.  

    (a)     repayment of corporation tax overpaid

  2.  

    (b)     repayment of income tax deducted at source

  3.  

    (c)     payment of R&D tax credit2

  4.  

    (d)     payment of vaccine research tax credit3

  5.  

    (e)     payment of land remediation tax credit (see D1.513, D1.517)4

  6.  

    (f)     payment of film tax credit, television tax credit, video game tax credit, theatre tax credit or orchestra tax credit5, or

  7.  

    (g)     payment of first-year tax credit (which will not be available in relation to expenditure incurred on or after 1 April 2020, see B3.324H)6

  8.  

    (h)     payment of museums and galleries exhibition tax credit7

The interest is payable without deduction of tax but, is chargeable to corporation tax under the loan relationship rules8.

Material date

Interest is paid from the 'material date', as follows:

  1.  

    •     for a payment under (a) above, interest runs from the later of:

    1.  

      –     the date on which the tax was paid, and

    2.  

      –     the due

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