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HMRC internal manual

International Manual

From
HM Revenue & Customs
Updated
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Controlled Foreign Companies: legislation - introduction and outline: Relief for foreign taxes

Relief is available for foreign taxes which the controlled foreign company has paid and for certain tax allowances to which the UK company is entitled. Tax charged under Chapter IV may be credited against the United Kingdom company’s liability under Case V in respect of a dividend paid by the controlled foreign company out of the profits in respect of which the Chapter IV charge arose.