Taxes Consolidation Act 1997 section 161

Rectification of excessive set-off of advance corporation tax

Section 161 dealt with the rectification of excessive set-off of advance corporation tax (ACT) but has been deleted and is no longer operative.

• Section 161 was deleted by section 41(1)(g) of the Finance Act 2003.
• The deletion applies to accounting periods ending on or after 6 February 2003.
• The section previously allowed an inspector to make assessments where a set-off of ACT under section 160 had been excessive or should not have been made.
• Its purpose was to recover any tax (and related interest) so that the company's liability matched what it would have been had only the correct set-off been allowed.