Valid from 07/04/2005
85Dividends by reference to which a deduction is allowed: no underlying taxU.K.
(1)In section 799 of ICTA (computation of underlying tax) after subsection (2) insert—
“(2A)No underlying tax shall be taken into account under subsection (1) above in the case of a dividend if, under the law of any territory outside the United Kingdom, a deduction is allowed to a resident of that territory in respect of an amount determined by reference to the dividend.”.
(2)The amendment made by this section has effect in relation to dividends paid on or after 16th March 2005.