Revenue Note for Guidance

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Revenue Note for Guidance

528 Apportionment of credits or interim refunds of appropriate tax

This section provides that where a claim to set-off (section 526) or offset or interim refund (section 527) relates to more than one specified person (for example, a partnership or a joint venture) there is to be an appropriate apportionment of the set-off or interim refund between those persons.

Normally the apportionment is to be made in the same proportion as a like amount of profits would be apportioned between the persons concerned.

Relevant Date: Finance Act 2021