This section applies where a company has paid an amount of corporation tax for an accounting period and the circumstances of the company change, so that the company has grounds for believing that the amount paid exceeds its probable tax liability although that liability has not been finally established.
The notice must state—
(a) the amount which the company considers should be repaid, and
(b) its grounds for believing that the amount paid exceeds its probable tax liability.
If the company has appealed against an amendment of an assessment, or an assessment, relating to the tax liability in question, and the appeal has not been finally determined, it may apply to the tribunal for a determination of the amount which should be repaid to the company pending determination of the liability.
Any such application is to be subject to the relevant provisions of Part 5 of this Act (see, in particular, section 48(2)(b)).
If the company makes an application under section 55(3) or (4) (application to postpone payment pending determination of appeal), that application may be combined with an application under subsection (4) above.
If a company makes a claim or application under this section before it has delivered a company tax return for the period in question, any deductions under section 61 of the Finance Act 2004 (deductions from payments to certain subcontractors) shall be disregarded in considering whether the amount paid by the company exceeds its probable tax liability.
This section has effect subject to section 59E.