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Offset of due taxes of related company: what happens if nominee was never or ceased to be related company

Income Tax (Refundable Investment Credits) Regulations 2025

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—(1) If —(a)any amount of X’s RICs has been used to offset any due tax of any company that is approved as a Y by the approving authority under regulation 10(5) (or that provision as applied by regulation 10(8)); and(b)that Y is subsequently discovered not to be of the same group as X as at the date of application under regulation 10(1) or (7) (as the case may be) or the date on which the offset took place,that amount of X’s RICs is recoverable from that Y as a debt due to the Government.(2) Section 93B(48B) of the Act applies to the amount recoverable from Y under paragraph (1) as the former provision applies to an amount recoverable from X under section 93B(48A) of the Act.(3) In addition, in a case mentioned in paragraph (1) —(a)the Comptroller must credit X’s RIC account with an amount that was debited to offset the due tax of that Y; and(b)the amount credited under sub-paragraph (a) is treated as having been given to X on the date it was first given to X by the approving authority under section 93B(17) of the Act, except that this does not affect any debit of RICs from X’s RIC account carried out before the credit takes place.(4) To avoid doubt, regulation 12(3)(b) does not apply in a case mentioned in paragraph (1).

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