3‑115 Qualified Refundable Tax Credits—a3‑115 Qualified Refundable Tax Credits—amounts

3‑115 Qualified Refundable Tax Credits—amounts

(1) For the purposes of paragraph 3‑110(a), include a Qualified Refundable Tax Credit as follows: (a) if subsection (2) of this section applies—include the tax credit in accordance with the accounting policy mentioned in paragraph (2)(b); (b) in any other case—include the face value of the tax credit as income in the Fiscal Year in which the entitlement under the tax credit accrues. (2) For the purposes of paragraph (1)(a), this subsection applies if all of the following conditions are met: (a) the tax credit is related to the acquisition or construction of assets; (b) the person to whom the tax credit was originally granted (the Originator) has an accounting policy of reducing the carrying value of its assets in respect of such tax credits or recognising the tax credit as deferred income; (c) the holder of the tax credit is the Originator.