Income Tax (Trading and Other Income) Act 2005

677Relief where UK income tax borne by foreign estate: absolute interestsU.K.
This adran has no associated Nodiadau Esboniadol

(1)This section applies if—

(a)an estate is a foreign estate in relation to a tax year,

(b)United Kingdom income tax has been charged on a person for the tax year on estate income treated as arising from the estate under section 652 (estate income: absolute interests in residue), and

(c)United Kingdom income tax has already been borne by part of the aggregate income of the estate for the tax year.

(2)If the person makes a claim under this section, the income tax charged on the person on that estate income is to be reduced by an amount equal to—

where—

T is the income tax charged on the person,

A is so much of the aggregate income of the estate as has already borne United Kingdom income tax for the tax year, and

B is the aggregate income of the estate for the tax year.