Part 5 Group relief

Chapter 3 Surrenders made by non-UK resident company resident or trading in the EEA

Conditions that must be met

120 The qualifying loss condition: non-UK tax relief in another territory
(1) This section applies to an EEA amount so far as it is not excluded by subsection (2) or (3).
(2) The EEA amount is excluded so far as, for the purposes of any non-UK tax chargeable under the law of any territory other than the relevant EEA territory, it has been taken into account in calculating any profits, income or gains that—
(a) have arisen in any period to the surrendering company or any other person, and
(b) were chargeable to that tax for the period (or would have been so chargeable had the EEA amount not been so taken into account).
(3) The EEA amount is excluded so far as, for the purposes of any non-UK tax chargeable under the law of any territory other than the relevant EEA territory, it has been relieved in any period—
(a) by the payment of a credit,
(b) by the elimination or reduction of a tax liability, or
(c) in any other way.