188体育

Reliefs available under ICTA88/SCH26/PARA1 against the United Kingdom company鈥檚 liability to CFC tax must be made only against so much of that liability as is attributable to the eligible part of the apportioned profit.

Likewise unrelieved surplus advance corporation tax available for set-off under the Corporation Tax (Treatment of Surplus Advance Corporation Tax) Regulations 1999 can only be made against the liability that is attributable to the 鈥榚ligible part鈥� of the apportioned profit and the reference to 鈥榣iability to tax鈥� in regulation 20(1) and (2) should be taken as a reference to only so much of that liability as is attributable to the eligible part of the apportioned profit. In regulation 20(5) the amount of the Chapter IV profits on which the company is chargeable to corporation tax for the accounting period will be the eligible part of those profits only. The 鈥榚ligible part鈥� of the apportioned profit is any 鈥楤LAGAB apportioned profit鈥� (see INTM256380) other than the policy holders鈥� part. The policy holders鈥� part is:

• in a case where FA89/S88A(4) applies, the whole part, and
• in any other case, the fraction described in FA89/88A(5)(b).