Finance Act 2001

Underlying tax excluded from claim not to be allowed under section 811

6 (1) Section 811 of the Taxes Act 1988 (deduction for foreign tax where no credit allowable) is amended as follows.

(2) In subsection (2) (miscellaneous provisions relating to the application of subsection (1))—

(a) omit “and” immediately preceding paragraph (b);

(b) insert “and” at the end of that paragraph; and

(c) insert the following paragraph at the appropriate place—

“(d) shall not require any income to be treated as reduced by an amount of underlying tax which, by virtue of section 799(1B)(b), falls to be left out of account for the purposes of section 799;”.

(3) This paragraph has effect in relation to income arising on or after 31st March 2001.