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IR4 Question 43A Adjustments to debit balance

If a qualifying company received an income tax refund after 1 April 1995 that created a debit balance in the ICA, no further income tax is required to the extent of any refunds received.

If the qualifying company has a debit balance as a result of income tax refunded from 1 April 2018, please subtract the amount refunded at Box 43A.

If the closing balance is a credit, there is no tax to pay.

If the closing balance at Box 43B is a debit, it must be paid by 20 June 2019.

There are two types of relief from payment of debit ICA balances. These are:

  • the offsetting income tax payments
  • same debit ICA balances reflected in successive years.

For more information see the Tax Information Bulletin (TIB) Vol 16, No 1 (February 2004).

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