Related Commentary  Related HMRC Manuals

371NE(1)  For the purposes of step 3 in section 371NB(1) “the corresponding UK tax” is the amount of corporation tax which, applying the corporation tax assumptions, would be charged in respect of the CFC's assumed taxable total profits for the accounting period.

371NE(2)  In determining that amount of corporation tax–

(a)ignore any relief from corporation tax attributable to the local tax amount which would be given to the CFC by virtue of Part 2 (double taxation relief) in respect of any income, and

(b)deduct from what would otherwise be that amount of corporation tax–

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