Introduction Overview Overview Section 300: Effect of repayment of PRT: general rule
1020.This section provides that when an amount of PRT is repaid the deduction under section 299 is reduced by the amount repaid. It is based on section 500(4) of ICTA.
1021.Subsection (2) provides thatthe repayment reduces or extinguishes the deduction for the original period for which the deduction was given, not the period when the repayment was received.
1022.The time limit in subsection (3) was amended from six years to four years by paragraph 23 of Schedule 39 to FA 2008. This change takes effect by Order from 1 April 2010 (see article 2(2) of the Finance Act 2008, Schedule 39 (Appointed Day, Transitional Provisions and Savings) Order 2009 (SI 2009/403)).