The effect of the surrender of a tax refund for an accounting period is:

(1)the recipient is treated (except for the purpose mentioned in s. 964(3)) as if it had made a payment of corporation tax for the accounting period, and

(2)the surrendering company is treated as if it had received a repayment of tax equal to the surrendered amount.

(CTA 2010, s. 964(2),(4))

The following example seeks to illustrate the basic effect of a surrender of a company tax refund.

Example 1

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