Modifications etc. (not altering text)
C1Pt. 2 modified by 1988 c. 1, Sch. 19ABA paras. 26-28 (as inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 34(3) (with Sch. 9 paras. 1-9, 22))
(1)Subsections (2) and (3) apply if an officer of Revenue and Customs gives a person a counteraction notice.
(2)The notice may specify the adjustments that, in the view of the officer, section 90 requires the person to make.
(3)If the notice specifies under section 81(2)(c) a body corporate resident outside the United Kingdom, the adjustments specified may include treating the body as having paid, or being liable to pay, only so much foreign tax as would have been allowed to it as a credit if—
(a)it were resident in the United Kingdom, and
(b)a counteraction notice had been given to it as regards an amount of foreign tax.
(4)In this section “foreign tax” includes any tax which for the purpose of allowing credit under the arrangements against corporation tax is treated by section 63(5) as if it were tax payable under the law of the non-UK territory.