CH81071 - Penalties for Inaccuracies: In what circumstances is a penalty payable: What is a repayment of tax?

You must check the date from which these rules apply for the tax or duty you aredealing with. SeeCH81011for full details.

The phrase ‘repayment of tax’, see CH81070, includes items which otherwise may not be regarded as a repayment of tax. It specifically includes

• allowing a credit against tax or duty, or
• a payment of a corporation tax credit.

A corporation tax credit is a

• R & D tax credit under FA2000/SCH20
• land remediation tax credit under FA2001/SCH22
• life assurance company tax credit under FA2001/SCH22
• tax credit under FA2002/SCH13 – vaccine research, etc
• film tax credit under FA2006/SCH5
• first-year tax credit under CAA2001/SCHA1.

FA07/SCH24/PARA28 (f) & (fa)