292 Amounts allowed by way of double taxation relief
Finance Act 2014 (2014 c 26) | Legislation

International matters

292  Amounts allowed by way of double taxation relief

(1)     TIOPA 2010 is amended as follows.

(2)     For section 34(1)(b) (reduction in credit: payment by reference to foreign tax) substitute—

“(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.”

(3)     In section 34, after subsection (3) insert—

“(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.”

(4)     For section 112(3)(b) (deduction from income for foreign tax (instead of credit against UK tax)) substitute—

“(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,

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

HCPC—Main hearing of the Health and Care Professions Tribunal

HCPC—Main hearing of the Health and Care Professions TribunalCoronavirus (COVID-19): This Practice Note contains guidance on subjects impacted by the government’s response to the coronavirus outbreak. In particular, the Health and Care Professions Council (HCPC) (Coronavirus) (Amendment) Rules Order

LEXISNEXIS

Scotland: the Accountant in Bankruptcy

Scotland: the Accountant in BankruptcyThe office of the Accountant in Bankruptcy (AiB) was created by section 156 of the Bankruptcy (Scotland) Act 1856 . Previously, the functions of the AiB were limited but since 1993, with the enactment of the Bankruptcy (Scotland) Act 1993 (B(S)A 1993), the role

LEXISNEXIS

Medco

MedcoSTOP PRESS: A new RTA small claims protocol for whiplash claims comes into effect for accidents occurring on or after 31 May 2021. The small claims track limit for personal injury claims arising from an RTA is increased to £5000 in respect of general damages for pain, suffering and loss of

LEXISNEXIS

Rescission of a contract

Rescission of a contractWhat is rescission of a contract?The remedy of rescission is available to a party whose consent, in entering into a contract, has been invalidated in some way:•the effect of rescinding a contract is to extinguish it and restore the parties to their pre-contractual