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Unilateral credit relief.
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60.—(1) The Principal Act is amended in section 449(2)—
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(a) in paragraph (a) by inserting “reduced by the relevant foreign tax” after “the amount so receivable”, and
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(b) in paragraph (b), by inserting “increased by the amount of the relevant foreign tax,” after “for the relevant accounting period”.
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(2) Schedule 24 to the Principal Act is amended—
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(a) in paragraph (9D)(1)(a) by substituting the following for the definition of relevant interest:
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“ ‘relevant interest’ means interest receivable by a company—
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(a) which falls to be taken into account in computing the trading income of a trade carried on by the company, and
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(b) from which relevant foreign tax is deducted.”,
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and
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(b) in paragraph (9D)(1)(b)—
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(i) in subclause (i) by inserting “reduced by the relevant foreign tax” after “the amount of the relevant interest”, and
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(ii) in subclause (ii) by inserting “increased by the amount of the relevant foreign tax” after “for the accounting period”.
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(3) This section applies as respects accounting periods ending on or after 6 February.
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