Recovery of excessive repayments etc
52(1)The provisions of paragraphs 41 to 48 relating to discovery assessments apply to an amount to which this paragraph applies as if it were unpaid tax, unless—
(a)it is assessable under those provisions apart from this paragraph, or
(b)it is recoverable under section 826(8A) of the Taxes Act 1988 (interest overpaid which is recoverable in same way as interest charged).
(2)This paragraph applies to an amount paid to a company by way of—
(a)repayment of tax (or income tax) or payment of a tax credit,
(b)repayment supplement under section 825 of the Taxes Act 1988, or
(c)interest paid under section 826 of that Act,
to the extent that it ought not to have been paid.
(3)For the purposes of this paragraph—
(a)an amount is regarded as paid if it is allowed by way of set-off, and
(b)an amount is regarded as a repayment if it was intended as repayment but exceeds the amount paid by the company.
(4)An assessment made by virtue of this paragraph shall be made under Case VI of Schedule D.
(5)An assessment to recover—
(a)an amount of tax repaid to a company in respect of an accounting period, or interest on any such repayment, or
(b)an amount of income tax repaid to a company in respect of a payment received by the company in an accounting period, or interest on any such repayment,
shall be treated as an assessment to tax for the accounting period referred to in paragraph (a) or (b).
(6)The sum assessed shall carry interest at the prescribed rate for the purposes of section 87A of the [1970 c. 9.] Taxes Management Act 1970 (interest on overdue corporation tax, etc.) from the date when the payment being recovered was made until payment.