Valid from 21/07/2009
[F1804GReduction in credit: payment by reference to foreign taxU.K.
(1)This section applies if—
(a)credit for foreign tax falls to be allowed to a person (“P”) under any arrangements, and
(b)a payment is made by a tax authority to P, or any person connected with P, by reference to the foreign tax.
(2)The amount of that credit is to be reduced by an amount equal to that payment.
(3)Section 839 applies for the purposes of determining whether or not a person is connected with P.]
Textual Amendments
F1S. 804G inserted (with effect in accordance with s. 59(13) of the amending Act) by Finance Act 2009 (c. 10), s. 59(2)