[371PA What is “creditable tax”?]
Taxation (International and Other Provisions) Act 2010 (2010 c 8) | Legislation

[Chapter 16
Creditable Tax of a CFC]

[371PA  What is “creditable tax”?]

[(1)     For the purposes of step 2 in section 371BC(1) a CFC's creditable tax for an accounting period is the total of—

(a)     the amount of any relief from corporation tax attributable to any foreign tax which, applying the corporation tax assumptions, would be given to the CFC by virtue of Part 2 (double taxation relief) in respect of any income included or represented in the CFC's chargeable profits for the accounting

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