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HMRC internal manual

Double Taxation Relief Manual

Sierra Leone: Underlying Tax

 (1) Documents needed to support the underlying tax claim

The accounts showing the profits out of which the dividend was paid and the final notice of assessment to income tax. Profits for the year ended 31 December 2008 are assessed in the tax year ended 31 March 2009.

 (1) Legal reserve - banks

Relevant profits are reduced by transfers to a reserve fund in accordance with the Banking Act 1970 Article 9, as amended by The Banking (Amendment) Decree 1996 Article 4, which stipulates that 50% of the bank’s net profit before dividends shall be transferred to the reserve until equal to 50% of paid up capital, thereafter 25% of net profit until equal to 100% of capital, and subsequently 12.5% of net profit.