Section 111 — Finance Act 2003: Claim for repayment if regulations under general power not approved

Claim for repayment if regulations under general power not approved 111 1 Where regulations cease to have effect under section 110, a claim may be made to the Inland Revenue for repayment of any tax, interest or penalty that would not have been payable but for the regulations .

2 Section 89 (interest on repayment of tax overpaid etc) applies to a repayment under this section.

3 A claim for repayment must be made within two years after the effective date of the transaction in question.

4 The Inland Revenue may make provision by regulations—

a for varying the time limit for making a claim;

b as to any other conditions that must be met before repayment is made.