Income Tax Act 2007 (c. 3)

Part 15 U.K. Deduction of income tax at source

Modifications etc. (not altering text)

C1 Pt. 15 modified (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), ss. 551(4), 1329(1) (with Pts. 1, 2, Sch. 2 para. 78)

Chapter 13 U.K. Unauthorised unit trusts

[F1 943C Calculation of trustees' double tax relief pool U.K.

(1) This is how the amount of the trustees' double tax relief pool as at the start of a tax year (“the current tax year”) is calculated.

(2) The trustees' double tax relief pool as at the start of the current tax year is—

where—

A is—

(a)

the amount of the trustees' double tax relief pool as at the start of the previous tax year, or

(b)

if the current tax year is the tax year during which the unauthorised unit trust is established, or the trustees have been UK resident for no tax year prior to the current tax year, nil;

B is the amount of the reduction, if any, in the liability of the trustees to income tax in the previous tax year under—

(a)

sections 2 and 6 of TIOPA 2010 (double taxation arrangements: relief by agreement), or

(b)

section 18(1)(b) and (2) of TIOPA 2010 (relief for foreign tax where no double taxation arrangements);

C is the sum of the foreign elements (if any) of deemed deductions from deemed payments treated as made in the previous tax year.

(3) If the trustees were non-UK resident for the previous tax year, references in subsection (2) to the previous tax year are to be read as references to the last tax year prior to the current tax year for which the trustees were UK resident.]

Textual Amendments

F1 Ss. 943A-943D inserted (8.4.2010 with effect in accordance with Sch. 13 para. 3 of the amending Act) by Finance Act 2010 (c. 13), Sch. 13 para. 1(4) (with Sch. 13 para. 4)