Finance Act 2005 introduced a wholly new set of rules setting out the maximum tax credit that is available where foreign tax is paid on trade income. The sections can now be found in TIOPA10/Part 2/Chapter 2.

The legislation applies to companies for claims in respect of foreign tax paid on or after 16 March 2005, irrespective of the accounting date of the person making the claim and was extended to individuals by the 2008 Finance Act with effect for claims in respect of foreign tax paid after 6 April 2008 or income arising after that date.

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