Relevant Foreign Income Charged on Arising Basis: Deductions and Reliefs838Expenses attributable to collection or payment of relevant foreign income
(1) In calculating the amount of relevant foreign income to be charged to income tax for a tax year, a deduction is allowed for expenses incurred outside the United Kingdom that are attributable to the collection or payment of the income.
(2) Subsection (1) does not apply to income charged for the tax year in accordance with section 832 (relevant foreign income charged on the remittance basis).
This Act comes into force on 6 April 2005 and has effect, for the purposes of income tax for the year 2005–06 and subsequent tax years, and for the purposes of corporation tax for accounting periods ending after 5 April 2005: see s 883; for transitional provisions and savings see Sch 2 hereto.
Foreign Income95Income Tax Allowances, Deductions & Reliefs96Pensions Law95Company Law & Business Entities92Companies & Corporate Bodies92Income Tax95Trading Income93Pensions Taxation95Pensions Income95Administration & Collection of Income Tax93International Tax99Tax Law95Personal Taxes95Overseas Elements of Income Tax99