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Offset of due taxes of related company: when no offset notice given, and notice to withdraw nomination or vary offset amount

Income Tax (Refundable Investment Credits) Regulations 2025

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—(1) If no notice under regulation 10(6) is given to the Comptroller in respect of any Y approved under regulation 10(5), the amount of X’s RICs that may be used to offset the due tax of that Y is treated as zero.(2) The Comptroller may only use an amount of X’s RICs to offset the due tax of Y or any Y after —(a)X has given the notice to the Comptroller under regulation 10(6) in respect of that Y; and(b)the notice has become effective in accordance with regulation 10(6).(3) X may, at any time, give a written notice to the approving authority to withdraw its nomination of Y or any Y.(4) X must, at the time of giving the written notice under paragraph (3) in respect of Y or any Y, notify the Comptroller that no more of X’s RICs may be used to offset any due tax of that Y.(5) To avoid doubt, no notice is required to be given to the Comptroller under paragraph (4) in respect of any Y whom X did not give a notice under regulation 10(6).(6) X may, at any time, notify the Comptroller of an increase or a decrease in the RICs for Y or any Y.(7) A notice under paragraph (4) or (6) becomes effective on the earlier of the following:(a)the expiry of 30 days after the date of receipt by the Comptroller of the notice;(b)the date that the Comptroller informs X that the notice has become effective.(8) Subject to paragraph (9), the RICs for Y or any Y as revised pursuant to a notice under paragraph (6) applies to every offset of the due taxes of that Y pursuant to regulation 10(6), including an offset that has already been made.(9) Despite paragraphs (7) and (8), a notice under paragraph (6) of a decrease in the RICs for Y or any Y is ineffective if the amount of X’s RICs that has already been used to offset any due tax of that Y is higher than the amount of RICs for that Y after the decrease.

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