Part 2Income tax, corporation tax and capital gains tax
Chapter 9International matters
Double taxation relief: general
85Dividends by reference to which a deduction is allowed: no underlying tax
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.