Corporation tax for an accounting period is due and payable on the day following the expiry of nine months from the end of that period.
If the tax payable is then exceeded by the total of any relevant amounts previously paid (as stated in the relevant company tax return), the excess shall be repaid.
The tax payable means the amount computed in accordance with the first to fourth steps of paragraph 8 of Schedule 18 to the Finance Act 1998.
Relevant amounts previously paid means any of the following, so far as relating to the accounting period in question—
any amount of corporation tax paid by the company and not repaid;
any corporation tax refund surrendered to the company by another group company;
any amount by which the sums available for set off under Step 4 of the calculation in paragraph 8 of Schedule 18 to the Finance Act 1998 (amounts set off against overall tax liability) exceeds the amount against which they may be set off under that provision;
any amount treated as corporation tax paid in respect of profits of the company by virtue of regulations under section 62 of the Finance Act 2004 (deductions from payments to sub-contractors).
This section has effect subject to section 59E and section 357YQ of CTA 2010 (assessment of tax chargeable on restitution interest).