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HMRC internal manual

International Manual

UK residents with foreign income or gains: income tax: 1996/97 actual basis

Where the assessment for 1996-97 is based on the income of the year ended 5 April 1997, no averaging of profits is required. Similarly, it will not be necessary to average the foreign source component of those profits or the foreign tax paid. The whole of the foreign tax paid in the basis period will be eligible for relief in 1996-97, subject to the usual rules in INTM161010 onwards.