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Credit for foreign tax.
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35.— (1) The Principal Act is amended in paragraph 4 of Schedule 24 by inserting the following after subparagraph (5):
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“(6) (a) The provisions of subparagraph (5), in relation to the allocation of deductions, shall not apply to relevant trading charges on income.
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(b) For the purposes of clause (a) ‘relevant trading charges on income’ has the same meaning as in section 243A.”.
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(2) Subsection (1) shall have effect—
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(a) for an accounting period of a company for which the return under section 951 of the Principal Act for the purposes of corporation tax is made by the company on or after 7 December 2010, and
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(b) for any other accounting period, in relation to any claim to repayment of, or reduction of liability to, corporation tax for that accounting period where such claim is made on or after 7 December 2010.
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