under arrangements made F5in relation to that territory, or

under the law of that territory in consequence of any such arrangements,

for tax paid under the law of the Isle of Man or any of the Channel Islands, if the person in question is, for the chargeable period in question, resident either in the United Kingdom or in the Isle of Man or any of the Channel Islands, as the case may be;

for tax paid under the law of any territory and computed by reference to income from an office or employment the duties of which are performed wholly or mainly in that territory, against F6income tax on employment income and computed by reference to that income, if the person in question is for the year of assessment in question resident either in the United Kingdom or that territory; and

F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

the amount of the foreign tax in respect of the income, including in the case of a dividend any underlying tax which under the arrangements is to be taken into account in considering whether any and if so what credit is to be allowed in respect of the dividend F10, and

the amount of any special withholding tax levied in respect of the income.

no deduction shall be made for foreign tax F11or special withholding tax, whether in respect of the same or any other income or gain; and

as represents an increase under section 801(4B); or

as represents relievable underlying tax (within the meaning of sections 806A to 806J) arising in respect of another dividend and treated as underlying tax under those sections.

section 80(5) of the Finance Act 1996 (matters to be brought into account in the case of loan relationships only under Chapter II of Part IV of that Act) F17; or

paragraph 1(3) of Schedule 29 to the Finance Act 2002 (matters to be brought into account in respect of intangible fixed assets only under that Schedule).

“special withholding tax” has the same meaning as in Chapter 7 of Part 3 of the Finance Act 2004 (see section 107(3) of that Act); and

references to special withholding tax are to special withholding tax in respect of which a claim has been made under that Chapter.

under the law of the territory concerned, and

under any arrangements made F20in relation to that territory,

claiming, or otherwise securing the benefit of, reliefs, deductions, reductions or allowances; and

making elections for tax purposes.

if he were charged to tax on his total income for the year, computed in accordance with section 795; and

if he were charged to tax on the same income, computed in the same way, but excluding the income in respect of which the credit is to be allowed.

the company may for the purposes of this section allocate the deduction in such amounts and to such of its profits for that period as it thinks fit; and

the amount of the relevant income or gain shall be treated for the purposes of subsection (2) above as reduced or, as the case may be, extinguished by so much (if any) of the deduction as is allocated to it.

subsection (2)(a) of section 83 of the Finance Act 1996 (deficit set against current year profits), or

paragraph 4(2) of Schedule 11 to that Act (set-off of deficits in the case of insurance companies),

section 797A does not apply in the case of any company, and

any amount is carried forward to the relevant accounting period in pursuance of F30subsection (3A) of section 83 of the Finance Act 1996 F31. . . ,

any non-trading credit relating to an F37item is brought into account for the purposes of Chapter II of Part IV of the Finance Act 1996 (loan relationships) for any accounting period (“the applicable accounting period”); and

there is in respect of F38that item an amount of foreign tax for which, under the arrangements, credit is allowable against United Kingdom tax computed by reference to that interest.

there were for the applicable accounting period an amount equal to the adjusted amount of the non-trading debits falling to be brought into account by being set against profits of the company for that period of any description; and

different parts of that amount might be set against different profits.

so much of any non-trading deficit for the applicable accounting period as is an amount to which a claim under subsection F39(2)(c) of section 83 of the Finance Act 1996 or paragraph 4(3) of Schedule 11 to that Act F40(deficit carried back and set against profits) relates; F41and

so much of any non-trading deficit for that period as is surrendered as group relief by virtue of section 403 of the Taxes Act 1988; and

so much of any non-trading deficit for that period as falls to be carried forward to a subsequent period in accordance with subsection F43(3A) of that section or paragraph 4(4) of that Schedule; F44. . .

F44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

the company has a non-trading deficit for the applicable accounting period,

the amount of that deficit exceeds the aggregate of the amounts specified in subsection (5) above, and

a non-trading credit relating to an item is brought into account for the purposes of Schedule 29 to the Finance Act 2002 (intangible fixed assets) for an accounting period (“the applicable accounting period”), and

there is in respect of that item an amount of foreign tax for which, under the arrangements, credit is allowable against United Kingdom tax computed by reference to that item.

there were for the applicable accounting period an amount equal to the adjusted amount of the non-trading debits falling to be brought into account by being set against profits of the company for that period of any description, and

different parts of that amount might be set against different profits.

royalty income arising in different jurisdictions (other than the United Kingdom) in a year of assessment in respect of that asset shall be treated as a single item of income, and

credits available for foreign tax in respect of the royalty income shall be aggregated accordingly.

Chapter 2 or 18 of Part 2 of ITTOIA 2005 (trade profits and post-cessation receipts),

Chapter 3 or 10 of Part 3 of ITTOIA 2005 (profits of property businesses and post-cessation receipts), or

Chapter 11 of Part 3 of ITTOIA 2005 (overseas property income).

deductions or expenses which would be allowable in the computation of the taxpayer's liability,

a reasonable apportionment of allowable deductions or expenses which relate partly to the transaction, arrangement or asset from which the income or gain arises and partly to other matters, and

expenses of a company connected (within the meaning given by section 839) with the taxpayer, in so far as reasonably attributable to the income or gain.

income or profits chargeable to tax under Case I, II or V of Schedule D,

profits of a Schedule A business computed in same way as the profits of a trade in accordance with section 21A of ICTA,

sums charged to tax under Case VI of Schedule D in accordance with section 104 of ICTA, and

any other income or profits which by a provision of ICTA is chargeable to tax under, or computed in accordance with, Case I of Schedule D;

a credit for foreign tax arises in connection with an asset, and

the asset is in a hedging relationship with a derivative contract,

the asset is acquired as a hedge of risk in connection with the contract, or

the contract is entered into as a hedge of risk in connection with the asset;

royalty income arising in more than one jurisdiction (other than the United Kingdom) in a year of assessment in respect of that asset shall be treated as income arising from a single transaction, arrangement or asset, and

credits available for foreign tax in respect of the royalty income shall be aggregated accordingly.

transactions, arrangements or assets are treated by a taxpayer as a series or group (the “portfolio”),

a number of credits for foreign tax arise in respect of the portfolio, and

is properly attributable to the proportion of the relevant profits represented by the dividendF60, and

does not exceed the amount calculated by applying the formula set out in subsection (1A) below.

the claim may be so framed as to exclude such amounts of underlying tax as may be specified for the purpose in the claim; and

any amounts of underlying tax so excluded shall be left out of account for the purposes of this section.

if the dividend is paid for a specified period, the profits of that period; F65and

F66. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

if the dividend is F67not paid for a specified period, the profits of the last period for which accounts of the body corporate were made up which ended before the dividend became payable.

drawn up in accordance with the law of the company’s home State, and

making no provision for reserves, bad debts F69, impairment losses or contingencies other than such as is required to be made under that law.

any United Kingdom income tax or corporation tax payable by the overseas company in respect of its profits; and

any tax which, under the law of any other territory, is payable by the overseas company in respect of its profits.

it is resident in the United Kingdom; or

it is resident outside the United Kingdom but the dividend mentioned in subsection (1) above forms part of the profits of a F74permanent establishment of the company’s in the United Kingdom.

if the overseas company and the third company are not resident in the same territory; or

if the overseas company is an ADP controlled foreign company as respects any of its accounting periods and the dividend mentioned in subsection (1) above is an ADP dividend of that company (in which case see also subsection (2B)); or

in such other cases as may be prescribed by regulations made by the Treasury.

no tax shall be taken into account in respect of a dividend paid by a company resident in the United Kingdom except United Kingdom corporation tax and any tax for which that company is entitled to credit under this Part; and

no tax shall be taken into account in respect of a dividend paid by a company resident outside the United Kingdom to another such company unless it could have been taken into account under the other provisions of this Part had the other company been resident in the United Kingdom.

controls directly or indirectly, or

is a subsidiary of a company which controls directly or indirectly,

controls directly or indirectly, or

is a subsidiary of a company which controls directly or indirectly,

a controlled foreign company is an “ADP controlled foreign company” as respects any of its accounting periods if, by virtue only of section 748(1)(a), no apportionment under section 747(3) falls to be made as respects that accounting period;

an “ADP dividend” of a controlled foreign company is a dividend by virtue of which the controlled foreign company is an ADP controlled foreign company as respects any of its accounting periods.

F84 a company (“the claimant company”) makes a claim for an allowance by way of credit in accordance with this Part;

the claim relates to underlying tax on a dividend paid to that company by a company resident outside the United Kingdom (“the overseas company”);

the whole or any part of the amount in respect of the high rate tax which is or is included in the underlying tax would not be, or be included in, that underlying tax but for the existence of, or for there having been, an avoidance scheme.

falls within subsection (7) below; and

is a scheme or arrangement the purpose, or one of the main purposes, of which is to have an amount of underlying tax taken into account on a claim for an allowance by way of credit in accordance with this Part.

F85the claimant company, a company related to that company or a person connected with F85the claimant company; and

a person who was not under the control of F85the claimant company at any time before the doing of anything as part of, or in pursuance of, the scheme or arrangement.

any time when that company would have been taken (in accordance with section 416) to have had control of that person for the purposes of Part XI;

any time when that company would have been so taken if that section applied (with the necessary modifications) in the case of partnerships and unincorporated associations as it applies in the case of companies; and

any time when that person acted in relation to that scheme or arrangement, or any proposal for it, either directly or indirectly under the direction of that company.

a company (“company A”) resident outside the United Kingdom has paid tax under the law of a territory outside the United Kingdom in respect of any of its profits;

some or all of those profits become profits of another company resident outside the United Kingdom (“company B”) otherwise than by virtue of the payment of a dividend to company B; and

company B pays a dividend out of those profits to another company (“company C”), wherever resident.

by any company resident outside the United Kingdom (whether or not company B),

to a company resident in the United Kingdom,

by virtue only of section 748(1)(a), no apportionment under section 747(3) falls to be made as regards an accounting period of a controlled foreign company; and

one or more of the dividends paid by the controlled foreign company by virtue of which the condition in paragraph (a) above is satisfied are dividends falling within subsection (2) below.

an initial dividend is paid to a company resident outside the United Kingdom, and

that company, or any other company which is related to it, pays an intermediate dividend which for the purposes of paragraph 4 of Schedule 25 to any extent represents that initial dividend,

that, instead of the intermediate dividend, the dividends described in subsection (5) below had been paid and the circumstances had been as described in subsection (6) or (7) below, as the case may be; and

that any tax paid under the law of any territory in respect of the intermediate dividend, or which is underlying tax in relation to that dividend, had instead fallen to be borne accordingly (taking account of any reduction falling to be made under section 799(2)).

as respects each of the initial dividends which are, for the purposes of paragraph 4 of Schedule 25, to any extent represented by the intermediate dividend, a separate dividend (an “ADP dividend”) representing, and of an amount equal to, so much of that initial dividend as is for those purposes represented by the intermediate dividend; and

a further separate dividend (a “residual dividend”) representing, and of an amount equal to, the remainder (if any) of the intermediate dividend.

that dividend is paid to a United Kingdom resident, or

if it is not so paid, a dividend which to any extent represents it is paid by a company which is related to that company and resident outside the United Kingdom to a United Kingdom resident,

that the relevant profits out of which the independent dividend is to be regarded for the purposes of section 799(1) as paid by the intermediate company are, in consequence of subsection (6) above, to be treated as being of such constitution and amount as remains after excluding so much of those relevant profits as constitute the whole or any part of the distributable profits out of which the ADP dividends are paid; and

that any tax paid under the law of any territory in respect of the independent dividend, or which is underlying tax in relation to that dividend, had instead fallen to be borne accordingly (taking account of any reduction falling to be made under section 799(2)).

a controlled foreign company is an “ADP controlled foreign company" as respects any of its accounting periods if the condition in paragraph (a) of subsection (1) above is satisfied as respects that accounting period;

an “initial dividend" (subject to subsection (14) below) is any of the dividends mentioned in paragraph (b) of subsection (1) above paid by an ADP controlled foreign company; and

a “subsequent dividend” is any dividend which, in relation to one or more initial dividends, is the subsequent dividend for the purposes of paragraph 4 of Schedule 25.

one company pays a dividend (“dividend A”) to another company, and

that other company, or a company which is related to it, pays a dividend (“dividend B”) to another company,

by virtue of which (whether taken alone or with other dividends) the condition in subsection (1)(a) above is satisfied as regards an accounting period of the company, but

which also for the purposes of paragraph 4 of Schedule 25 to any extent represents one or more initial dividends paid by other ADP controlled foreign companies,

a bank or a company connected with a bank makes a claim for an allowance by way of credit in accordance with this Chapter; and

the claim relates to underlying tax on a dividend F90 (“the overseas dividend") paid by the overseas company, within the meaning of section 801; and

that underlying tax is or includes tax payable under the law of a territory outside the United Kingdom on or by reference to F91interest or dividends earned or received in the course of its business by that overseas company or by such third, fourth or successive company as is referred to in subsection (2) or (3) of that section; and

if the company which received the interest or dividends (“the company") had been resident in the United Kingdom, F93section 798A would apply in relation to that company.

a company is (within the meaning of section 801) an ADP controlled foreign company as respects any of its accounting periods, and

the whole or any part of the profits or gains of that accounting period are included in the aggregate profits, or aggregate profits or gains, mentioned in subsection (1) above,

the non-resident companies, taken together, were a single company,

anything done by or in relation to any of the non-resident companies (including the payment of the dividend) were done by or in relation to that single company, and

that single company were related to the recipient company, if that one of the non-resident companies which actually pays the dividend is related to the recipient company,

controls directly or indirectly, or

is a subsidiary of a company which controls directly or indirectly,

the total credit allowable against income tax in respect of that income under this Part (including this section) for all years of assessment for which credit is so allowable; and

the amount of credit which was in fact so allowed in respect of that income for any earlier year or years of assessment.

credit against income tax for any year of assessment is allowed by virtue of subsection (1) above in respect of any income which is an overlap profit (“the original income”), and

the original income or any part of it contributes to an amount which, by virtue of F102section 205 or 220 of ITTOIA 2005, is deducted in computing the profits or gains of a subsequent year of assessment (“the subsequent year”).

the amount of credit which, on the assumption that no amount were deducted by virtue of F102section 205 or 220 of ITTOIA 2005, would be allowable under this Part against income tax in respect of income arising in the subsequent year from the same source as the original income.

if the amount given by paragraph (a) of subsection (5A) above exceeds that given by paragraph (b) of that subsection, F103be chargeable for that year to an amount of income tax equal to the excessF104and be liable for any tax so chargeable; and

if the amount given by paragraph (b) of subsection (5A) above exceeds that given by paragraph (a) of that subsection, be allowed for that year under this Part an amount of credit equal to the excess.

the aggregate amount of the claims for credit that the person has made, or is in a position to make, for the chargeable period; and

for all the persons connected to that person, the aggregate amount of the claims for credit that the connected person has made, or is in a position to make, for a corresponding chargeable period.

informing the person of the Board's view under subsection (1),

specifying the chargeable period in relation to which the Board formed that view,

if the amount of foreign tax considered by the Board to satisfy condition B is an amount of underlying tax, specifying the body corporate resident in a territory outside the United Kingdom whose payment of foreign tax is relevant to that underlying tax, and

informing the person that as a consequence section 804ZB has effect in relation to him.

a return under section 8, 8A or 12AA of the Management Act, or

a company tax return;

a notice under section 804ZA has been given to the person in respect of a chargeable period specified in the notice, and

the chargeable period specified is a chargeable period in relation to which conditions A to D of section 804ZA are satisfied.

make a tax return that disregards the notice, and

at any time after making the return and before the end of the period of 90 days, amend the return for the purpose of complying with the notice.

section 29(6) and (7) of the Management Act (information made available) applies as it applies for the purposes of section 29(5), and

paragraph 44(2) and (3) of Schedule 18 to the Finance Act 1998 applies as it applies for the purposes of paragraph 44(1).

the person was requested to produce, provide or furnish information during an enquiry into the return for that period, and

if the person had duly complied with the request, the Board could have been reasonably expected to give the person a notice under section 804ZA in relation to that period.

the end of the period of 90 days beginning with the day on which the notice under section 804ZA is given, or

the earlier amendment of the return for the purpose of complying with the notice.

the end of the period of 90 days beginning with the day on which the notice under section 804ZA is given, or

the earlier amendment of the return for the purpose of complying with the notice.

a notice under section 804ZA is given to the person in relation to that period,

the return is not amended in accordance with subsection (2)(b) or (8) for the purpose of complying with the notice, and

the return ought to have been so amended.

which is payable under the laws of a territory outside the United Kingdom in respect of insurance business carried on by a company through a F116permanent establishment in that territory, and

which is computed otherwise than wholly by reference to profits arising in that territory,

any such part of the tax payable under the laws of the territory outside the United Kingdom as is charged by reference to profits arising in that territory, and

the shareholders’ share of the tax so payable.

an insurance company carries on more than one category of business in an accounting period, and

there arises to the company in that period any income or gain (“the relevant income”) in respect of which credit for foreign tax falls to be allowed under any arrangements,

which is linked solely to a category of business (other than overseas life assurance business), or

which is an asset of the company’s overseas life assurance fund,

basic life assurance and general annuity business, or

F122long-term business which is not life assurance business,

basic life assurance and general annuity business; nor

F122long-term business which is not life assurance business.

subsection (3) above does not apply, and

some or all of the relevant income is taken into account in accordance with section 83 of the M12Finance Act 1989 in an account in relation to which the provisions of section 432C or 432D apply,

whose numerator is the part of F124the investment income taken into account in that determination which would be referable to that category by virtue of section 432E if the investment income were the only amount included in the net amount; and

whose denominator is the whole of that F125investment income.

an insurance company carries on any category of insurance business in a period of account,

a computation in accordance with the provisions applicable to Case I of Schedule D falls to be made in relation to that category of business for that period, and

there arises to the company in that period any income or gain in respect of which credit for foreign tax falls to be allowed under any arrangements,

the amount of the relevant income after any reduction under subsection (3) above,

exceeds

the relevant fraction of the profits of the category of business concerned for the period of account in question which are chargeable to corporation tax,

whose numerator is the amount of the relevant income before any reduction in accordance with subsection (2) above, and

whose denominator is the total income of the category of business concerned for the period of account in question,

which arise to the company in the period of account in question, and

in respect of which credit for foreign tax falls to be allowed under any arrangements,

whose numerator is the amount of the relevant income before any reduction in accordance with subsection (2) above; and

whose denominator is the amount described in subsection (8) above.

the purpose, or one of the main purposes, of that scheme or arrangement is to prevent or restrict the application of subsection (2) above to the insurance company, and

the subsidiary does not carry on insurance business of any description,

in accordance with section 804D, where the category of business concerned is life assurance business or a category of life assurance business; and

in accordance with section 804E, where the category of business concerned is not life assurance business or any category of life assurance business.

so much of the total income shown in the revenue account in the periodical return of the company concerned for that period as is referable to that category of business,

exceeds

so much of any commissions payable and any expenses of management incurred in connection with the acquisition of the business, as shown in that return, so far as referable to that category of business.

increased by any increase in the liabilities of the company, or

reduced (but not below nil) by any decrease in the liabilities of the company.

the sum of the amounts specified in subsection (3) below,

exceeds

the sum of the amounts specified in subsection (4) below.

earned premiums, net of reinsurance;

investment income and gains;

other technical income, net of reinsurance;

any amount treated under section 107(2) of the Finance Act 2000 as a receipt of the company’s trade.

acquisition costs;

the change in deferred acquisition costs;

losses on investments.

the claims incurred, net of reinsurance,

the changes in other technical provisions, net of reinsurance,

the change in the equalisation provision, and

investment management expenses,

in the paragraphs of subsections (3) to (5) above, and

in the provisions of section B of Schedule 9A to the M14Companies Act 1985 (form and content of accounts of insurance companies and groups) which relate to the profit and loss account format (within the meaning of paragraph 7(1) of that section),

credit for foreign tax falls to be allowed to a person (“P”) under any arrangements, and

a payment is made by a tax authority to P, or any person connected with P, by reference to the foreign tax.

any credit for foreign tax has been allowed to a person under any arrangements, and

the amount of that credit is subsequently rendered excessive by reason of an adjustment of the amount of any tax payable under the laws of a territory outside the United Kingdom,

section 182(1) of the M16Finance Act 1993 (regulations relating to individual members of Lloyd’s); or

section 229 of the M17Finance Act 1994 (regulations relating to corporate members of Lloyd’s).

any dividend which is trading income for the purposes of section 393;

any dividend which, in the circumstances described in paragraphs (a) and (b) of subsection (8) of section 393, would by virtue of that subsection fall to be treated as trading income for the purposes of subsection (1) of that section;

in a case where section 801A applies, the dividend mentioned in subsection (1)(b) of that section;

in a case where section 803 applies, the dividend mentioned in subsection (1)(b) of that section;

any dividend the amount of which is, under section 811, treated as reduced.

the cases where an amount of eligible unrelieved foreign tax arises in respect of a dividend falling within subsection (2) above are the cases set out in subsections (4) and (5) below; and

the amounts of eligible unrelieved foreign tax which arise in any such case are those determined in accordance with section 806B.

the amount of the credit for foreign tax which under any arrangements would, apart from section 797, be allowable against corporation tax in respect of the dividend,

exceeds

the amount of the credit for foreign tax which under the arrangements is allowed against corporation tax in respect of the dividend.

the amount of the credit allowed as mentioned in section 806A(4)(b), and

the greater amount of the credit that would have been so allowed if, for the purposes of subsection (2) of section 797, the rate of corporation tax payable as mentioned in that subsection were the upper percentage,

the aggregate of the upper rate amounts falling to be brought into account for the purposes of this paragraph by virtue of subsection (4) or (5) below, exceeds

the amount of tax to be taken into account as mentioned in section 799(1) in the case of the Case V dividend, before any increase under section 801(4B),

in a case where the mixer cap does not restrict the amount of tax to be taken into account as mentioned in section 799(1) (before any increase under section 801(4B)) in the case of that dividend, is that amount of tax; or

in a case where the mixer cap does not restrict the amount of underlying tax that is treated as mentioned in subsection (2) or (3), as the case may be, of section 801 in the case of the relevant dividend, is the appropriate portion of that amount of underlying tax;

whose numerator is the amount of the dividend; and

whose denominator is the amount of the relevant profits (within the meaning of section 799(1)) out of which the dividend is paid.

an ADP dividend paid by a controlled foreign company;

so much of any dividend paid by any company as represents an ADP dividend paid by another company which is a controlled foreign company;

a dividend in respect of which an amount of eligible unrelieved foreign tax arises.

a “related qualifying foreign dividend" is any qualifying foreign dividend paid to a company resident in the United Kingdom by a company which, at the time of payment of the dividend, is related to that company;

an “unrelated qualifying foreign dividend" is any qualifying foreign dividend which is not a related qualifying foreign dividend.

the related qualifying foreign dividends that arise to the company in an accounting period shall be aggregated;

the unrelated qualifying foreign dividends that arise to the company in an accounting period shall be aggregated;

the underlying tax in relation to the related qualifying foreign dividends that arise to the company in an accounting period shall be aggregated;

so much of the foreign tax paid in respect of the qualifying foreign dividends that arise to the company in an accounting period as is not underlying tax shall be aggregated.

the related qualifying foreign dividends aggregated under paragraph (a) of subsection (3) above in the case of any accounting period instead together constituted a single related qualifying foreign dividend arising in that accounting period (“the single related dividend” arising in that accounting period);

the unrelated qualifying foreign dividends aggregated under paragraph (b) of that subsection in the case of any accounting period instead together constituted a single unrelated qualifying foreign dividend arising in that accounting period (“the single unrelated dividend” arising in that accounting period);

the underlying tax aggregated under paragraph (c) of that subsection for any accounting period were instead underlying tax in relation to the single related dividend arising in that accounting period (the “aggregated underlying tax" in respect of the single related dividend);

any eligible unrelieved foreign tax arises in an accounting period of a company, and

the dividend in relation to which it arises is paid by a company which, at the time of payment of the dividend, is related to that company,

the amounts of eligible underlying tax that arise in an accounting period of the company shall be aggregated (that aggregate being referred to as the “relievable underlying tax" arising in that accounting period); and

the amounts of eligible withholding tax that arise in an accounting period of the company shall be aggregated (that aggregate being referred to as the “relievable withholding tax" arising in that accounting period).

underlying tax in relation to the single related dividend that arises in the same accounting period,

relievable underlying tax arising in the next accounting period (whether or not any related qualifying foreign dividend in fact arises to the company in that accounting period), or

underlying tax in relation to the single related dividend that arises in such one or more preceding accounting periods as result from applying the rules in section 806E,

foreign tax (other than underlying tax) paid in respect of, and computed by reference to, the single related dividend or the single unrelated dividend that arises in the same accounting period,

relievable withholding tax arising in the next accounting period (whether or not any qualifying foreign dividend in fact arises to the company in that accounting period), or

foreign tax (other than underlying tax) paid in respect of, and computed by reference to, the single related dividend or the single unrelated dividend that arises in such one or more preceding accounting periods as result from applying the rules in section 806E,

under subsection (4)(a) or (c) above as underlying tax in relation to the single related dividend arising in the same or any earlier accounting period, or

under subsection (5)(a) or (c) above as foreign tax paid in respect of, and computed by reference to, the single related dividend or the single unrelated dividend arising in the same or any earlier accounting period,

credit for, or for any remaining balance of, the relievable tax is allowed against corporation tax in respect of the single dividend arising in a later one of the accounting periods beginning as mentioned in rule 1 above,

before

credit for any of the relievable tax is allowed against corporation tax in respect of the single dividend arising in any earlier such accounting period.

first for the aggregated foreign tax in respect of the single dividend arising in that accounting period, so far as not consisting of relievable tax arising in another accounting period; and

then for relievable tax arising in any accounting period before that in which the relievable tax in question arises.

for underlying tax (where allowable) before foreign tax other than underlying tax;

for foreign tax other than underlying tax before amounts treated as underlying tax; and

for amounts treated as underlying tax (where allowable) before amounts treated as foreign tax other than underlying tax.

which is to be treated as mentioned in paragraph (a) of the subsection in question;

which is to be treated as mentioned in paragraph (b) of that subsection; and

which is to be treated as mentioned in paragraph (c) of that subsection.

six years after the end of the accounting period mentioned in that subsection; or

if later, one year after the end of the accounting period in which the foreign tax in question is paid.

prescribing the conditions which must be satisfied if a surrender is to be made;

determining the amount of relievable tax which may be surrendered in any accounting period;

prescribing the conditions which must be satisfied if a claim to surrender is to be made;

prescribing the consequences for tax purposes of a surrender having been made;

allowing a claim to be withdrawn and prescribing the effect of such a withdrawal.

may make different provision for different cases; and

may contain such supplementary, incidental, consequential or transitional provision as the Board may think fit.

one company pays a dividend (“dividend A”) to another company, and

that other company, or a company which is related to it, pays a dividend (“dividend B”) to another company,

one company is related to another, and

that other is related to a third company,

a company resident outside the United Kingdom pays a dividend to a company resident in the United Kingdom, and

the circumstances are such that subsection (6)(b) of section 790 has effect in relation to that dividend,

take any reference to an accounting period as a reference to a chargeable period;

take any reference to corporation tax as including a reference to income tax;

in relation to income tax, take any reference to a dividend chargeable under Case V of Schedule D as a reference to a dividend chargeable under Chapter 4 of Part 4 of ITTOIA 2005;

take the reference in section 806A(4)(a) to section 797 as a reference to sections 796 and 797;

in relation to income tax, for subsection (2) of section 806B substitute the subsection (2) set out in subsection (3) below.

the amount of the credit allowed as mentioned in section 806A(4)(b), and

the greater amount of credit that would have been so allowed if, for the purposes of section 796, the amount of income tax borne on the dividend as computed under that section were charged at a rate equal to the upper percentage,

in the next accounting period (whether or not the company in fact has any such income from that source in that accounting period), or

in such one or more preceding accounting periods, beginning not more than three years before the accounting period in which the unrelieved foreign tax arises, as result from applying the rules in subsection (3) below,

the amount of the credit for foreign tax which under any arrangements would, apart from section 797, be allowable against corporation tax in respect of that income,

exceeds

the amount of the credit for foreign tax which under the arrangements is allowed against corporation tax in respect of that income;

chargeable under Case I of Schedule D; or

included in the profits of life reinsurance business or overseas life assurance business chargeable under Case VI of Schedule D by virtue of section 439B or 441.

at any time ceases to have a particular overseas F143permanent establishment in a particular territory (“the old F143permanent establishment”), but

subsequently again has an overseas F143permanent establishment in that territory (“the new F143permanent establishment”),

section 806L, and

subsection (3) above,

which is to be treated as mentioned in paragraph (a) of that subsection; and

which is to be treated as mentioned in paragraph (b) of that subsection.

six years after the end of the accounting period mentioned in that subsection, or

if later, one year after the end of the accounting period in which the foreign tax in question is paid.