Finance Act 2007 · s 46

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s 46Revised 108 balance

Where during the period from the first day of the basis period for year of assessment 2008 to 31 December 2013—

(a)

the tax charged on the chargeable income of a company for the year of assessment 2000 on a current year basis and prior year of assessment is discharged or remitted;

(b)

any amount of tax paid by that company which has been taken into account for the purpose of computing the 108

balance is refunded, the 108 balance of the company, shall on the day the tax is discharged, remitted or refunded, be reduced by such amount of tax discharged, remitted or refunded (in this Part referred to as

“revised 108 balance”).

Finance 49