Related Commentary  Related HMRC Manuals

44(1)  Apply section 42(2) in accordance with subsections (2) and (3) if the tax against which the credit is to be allowed is corporation tax on income that is trade income.

44(2)  The amount of the credit must not exceed the corporation tax attributable to the income arising out of the transaction, arrangement or asset in connection with which the credit arises.

44(3)  In calculating the amount of corporation tax attributable to any income, take into account–

(a)deductions which would be allowed in calculating the company's liability, and

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