There are currently no known outstanding effects for the Taxation (International and Other Provisions) Act 2010, Section 34.
(1)Subsection (2) applies if—
(a)credit for foreign tax is to be allowed to a person (“P”) under the arrangements, and
[F1(b)a tax authority makes a payment by reference to that tax, and that payment—
(i)is made to P or a person connected with P, or
(ii)is made to some other person directly or indirectly in consequence of a scheme that has been entered into.]
(2)The amount of that credit is to be reduced by an amount equal to that payment.
(3)Whether a person is connected with P is determined in accordance with section 1122 of CTA 2010.
[F2(4)In subsection (1)(b)(ii) “scheme” includes any scheme, arrangement or understanding of any kind, whether or not legally enforceable, involving a single transaction or two or more transactions.]
Textual Amendments
F1S. 34(1)(b) substituted (with effect in accordance with s. 292(8) of the amending Act) by Finance Act 2014 (c. 26), s. 292(2)
F2S. 34(4) inserted (with effect in accordance with s. 292(8) of the amending Act) by Finance Act 2014 (c. 26), s. 292(3)
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