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Offset of due taxes of related company: application

Income Tax (Refundable Investment Credits) Regulations 2025

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—(1) An awardee company (called in this regulation and regulations 11 to 14 X) may at any time apply to the approving authority for an amount of RICs in its RIC account, and for which X has not made an election under regulation 5 (called in this regulation and regulations 11 to 14 X’s RICs), to be used to offset any due taxes of one or more companies (each called in this regulation and regulations 11 to 14 Y) that are of the same group as X and nominated by X.(2) For an amount of X’s RICs to be used to offset any due tax of any Y that is nominated by X, Y must be part of the same group as X on the date of the application.(3) The maximum number of Ys that may be nominated by X for the purposes of this regulation is 20.(4) Every application must contain and be accompanied by —(a)the identity of every Y nominated by X;(b)a declaration by X that each Y is of the same group as X at the time that the application is made; and(c)any other information or document that the approving authority may require.(5) The approving authority must, if satisfied that each Y is of the same group as X at the time of the application, approve the application.(6) Upon the grant of an approval under paragraph (5), X may notify, in such form and manner as the Comptroller may specify, the Comptroller of the amount of X’s RICs that may be used to offset any due tax of one or more Ys (each called the RICs for the Y concerned), and the notice becomes effective on the date that the Comptroller informs X that it has become effective.(7) Subject to paragraphs (2) and (3), X may, at any time after an approval is given in respect of X’s application under paragraph (1), apply to the approving authority to nominate one or more Ys whose due taxes may be offset using X’s RICs.(8) Paragraphs (4), (5) and (6) apply to an application under paragraph (7) as those paragraphs apply to an application under paragraph (1).(9) In this regulation and regulations 11 to 14 —“due tax”, in relation to X or any Y, means —(a)an amount of tax levied on or due from X or Y under the Act; or(b)an amount of DTT or MTT levied on or due from X or Y under the MMT Act;“group” has the meaning given by section 93B(47) of the Act.

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