SCHEDULES

SCHEDULE 12Tax credit for certain foreign distributions

Part 2Consequential provision

ITTOIA 2005

21

In section 408 (reduction in tax due in cases within section 407), after subsection (2) insert—

2A

In subsection (2) “the tax due” means the amount of tax due as a result of section 407 after deduction of the tax credit determined in accordance with section 407(4A).