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HMRC internal manual

International Manual

From
HM Revenue & Customs
Updated
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UK residents with foreign income or gains: corporation tax: Chargeable gains: credit for foreign tax

Where credit for foreign tax on foreign chargeable gains is allowable against UK Corporation Tax on those gains, do not deduct any of the foreign tax in computing the amount of the gain for UK tax purposes, even though such tax is not wholly relieved by credit. See INTM169000 onwards.