Under the Accrued Income Scheme (SAIM4000), charges and allowances may arise when interest-bearing securities are transferred. If these securities pay interest from which foreign tax is deducted, special rules apply in the calculation of tax credit relief. These rules, which are in TIOPA10/S10:

allow unilateral tax credit relief (INTM161030) in respect of accrued income charges which arise on foreign securities; and

restrict both unilateral and agreement relief in respect of interest on foreign securities against which an allowance under the Accrued Income Scheme is available.

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