15.—(1) This regulation applies where—
(a)an insurance company or friendly society is entitled to a provisional repayment under Schedule 19AB to the Taxes Act(1) (including a provisional repayment under that Schedule as modified by the Friendly Societies (Provisional Repayment for Exempt Business) Regulations 1993)(2),
(b)an amount of corporation tax (“the relevant amount”) is treated as becoming due and payable in accordance with regulation 5 of these Regulations on the date which is the fourteenth day after the end of the provisional repayment period to which the provisional repayment relates, and
(c)the whole or part of the provisional repayment is set off against the relevant amount.
(2) For the purposes of calculating—
(a)the amount of interest (if any) on the provisional repayment, and
(b)the amount of interest (if any) payable on the relevant amount,
the amount so set off shall be treated, unless the company elects otherwise, as—
(i)a provisional repayment under Schedule 19AB to the Taxes Act, and
(ii)a payment on account of the relevant amount,
deemed, in each case, to have been made on the date referred to in paragraph (1)(b).
Schedule 19AB was inserted by Schedule 8 to the Finance Act 1991.
S.I.1993/3112, amended by S.I. 1997/474.