SCHEDULES

SCHEDULE 12Tax credit for certain foreign distributions

Part 2Consequential provision

ITA 2007

24

In section 425(5) (gift aid: deductions when calculating total amount of income tax to which individual charged for a tax year)—

a

in paragraph (a), omit “and” at the end of sub-paragraph (v), and

b

insert at the end

, and

c

the amount of any tax credit under section 397A of ITTOIA 2005 (tax credits for distributions of non-UK resident companies: UK residents and eligible non-UK residents).