(1) A specified person may make a claim for an interim refund of the whole or part of the appropriate tax referable to an accounting period or to a basis period for a year of assessment, as the case may be (in this section referred to as "the first-mentioned period"), and the inspector shall, if he or she is satisfied that the specified person making the claim has complied with the requirements of subsection (2), make an offset or interim refund as is specified in subsection (3) and, subject to those requirements as modified by subsection (4)(a), make an offset or interim refund as is specified in that subsection.

(2) The requirements of this subsection are -

(a) that the profits or gains for the accounting period or for the basis period for the year of assessment, as the case may be, immediately preceding the first-mentioned period have been finally determined for tax purposes,

(b) that the amount of tax which was payable for that accounting period or year of assessment corresponding to that basis period has been paid, and