Clause 45

in subsection (2), in the definition of “unutilised RICs”, in paragraph (b), after “subsection 40(a)”, insert “(including that provision as applied by subsections (14A) and (20B))”;

in subsections (5)(i), (12)(h) and (23)(a), replace “after” with “starting from”;

after subsection (14), insert —“(14A) Subsections (38)(b), (40), (41) and (42) apply with the necessary modifications to an amendment of a letter of award under subsection (13) or (14) as they apply to an amendment of a letter of award under subsection (35)(a).”;

after subsection (20), insert —“(20A) The approving authority may, in any prescribed circumstances, on the application by an awardee company or on its own initiative, amend any matter stated in a letter of confirmation given to the awardee company.(20B) Where an amendment is made to a letter of confirmation under subsection (20A) —

a reference in this section to that matter in relation to the awardee company is to that matter as so amended; and

subsections (38)(b), (40), (41) and (42) apply with the necessary modifications to the amendment as they apply to an amendment of a letter of award under subsection (35)(a), and for this purpose, a reference to the letter of award in subsection (38)(b) is to the letter of confirmation.”;

in subsection (23)(b), replace “, and other matters relating to, such election” with “such election and the circumstances under which such election is treated as revoked, and other matters relating to such election”;

replace subsection (31) with —“(31) The Comptroller is to make a monetary payment equivalent to the amount of those RICs to the awardee company on or before the payout date or payment date, to the extent that they have not been —

revoked, or treated as revoked under the regulations; or

debited under subsection (40)(a) (including that provision as applied by subsections (14A) and (20B)).”;

in subsection (43)(c), after “approving authority”, insert “, within the prescribed period after the date of amalgamation,”;

in subsection (45), replace paragraph (b) with —“(b)in the case of subsection (43)(a)(ii), the unutilised RICs —

are to be credited to an RIC account kept or to be kept for Y; and

are treated as having been given to Y on the date they were given to X by the approving authority under subsection (17), except that this does not affect the debit of any RICs from Y’s RIC account carried out before those unutilised RICs are credited to Y’s RIC account under sub‑paragraph (i).”;

after subsection (45), insert —“(45A) If an application is not made in accordance with subsection (43)(c), or if such an application is refused, then the RICs mentioned in subsection (43)(a)(i) or (ii) are treated as forfeited.(45B) Subsections (45) and (45A) apply despite anything in section 215G(c) of the Companies Act 1967 or section 34C.”;

in subsection (46), replace paragraph (c) with —“(c)to apply with modifications the provisions of this section in relation to Y or to each Y as they apply in relation to X, if Y satisfies such requirements as may be prescribed;”;

replace paragraph (e) with —“(e)to provide, in any prescribed circumstances, for the recovery from Y of any amount of RICs that have been used to offset any due tax of Y, and for any RICs that were debited from X’s RIC account to offset that due tax to be credited back to the account;

credited back to X’s RIC account under regulations made for the purpose in paragraph (e); or (ii)otherwise wrongly debited from X’s RIC account and credited back to that account, is treated as having been given to X on the date that it was first given to X under subsection (17), but without affecting any previous debit of RICs from X’s RIC account; and”; and (l)after subsection (48), insert —“Recovery of RICs for erroneous offsetting of tax, etc. (48A) If —

an amount of RICs of an awardee company (X) is used to offset the due tax of any company (including X); or (b)a monetary payment equivalent to an amount of RICs of an awardee company (also called X) is paid to X under subsection (31),otherwise than in accordance with this section or the regulations made under subsection (51), then the amount of the due tax so offset or the amount paid to X is recoverable by the Comptroller from the company or X (as the case may be) as a debt due to the Government.(48B) For the purposes of subsection (48A) —

the amount recoverable under that provision is to be paid at the place stated in a notice served by the Comptroller on the company or X (as the case may be) within 30 days after the service of the notice;

the Comptroller may, in the Comptroller’s discretion and subject to such terms and conditions as the Comptroller may impose, extend the time limit within which payment is to be made; and

sections 86(1) to (6), 87(1) and (2), 89, 90 and 91 apply to the collection and recovery by the Comptroller of that amount as they apply to the collection and recovery of tax.(48C) In a case mentioned in subsection (48A) —

the amount of X’s RICs mentioned in that provision is to be credited back to X’s RIC account; and (b)those RICs so credited back are treated as having been given to X on the date that they were first given to X by the approving authority under subsection (17), except that this does not affect any debit of RICs from X’s RIC account carried out before those RICs are so credited back.(48D) Where —

an amount of RICs is credited back to the RIC account of an awardee company (Y) under subsection (48C) or any regulations made under subsection (51); but(b)the payout date or payment date (as the case may be) for those RICs has passed,then subsections (31) and (32) apply for the purpose of enabling a monetary payment equivalent to the amount of those RICs to be made to Y as if a reference to the payout date or payment date were a reference to a prescribed date after the RICs are credited back to Y’s RIC account.”.