[371NC Reductions to “the local tax amount”]
Taxation (International and Other Provisions) Act 2010 (2010 c 8) | Legislation

[371NC  Reductions to “the local tax amount”]

[(1)     This section applies for the purposes of step 2 in section 371NB(1).

(2)     The local tax amount is to be reduced to what it would have been—

(a)     had any income, or any income and expenditure (where the income exceeds the expenditure), to which subsection (3) applies not been brought into account in determining the CFC's local chargeable profits arising in the accounting period in respect of which tax is paid

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