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(1)Part 18 of ICTA (double taxation relief) is amended as follows.
(2)Before section 805 insert—
(1)This section applies if—
(a)credit for foreign tax falls to be allowed to a person (“P”) under any arrangements, and
(b)a payment is made by a tax authority to P, or any person connected with P, by reference to the foreign tax.
(2)The amount of that credit is to be reduced by an amount equal to that payment.
(3)Section 839 applies for the purposes of determining whether or not a person is connected with P.”
(3)Section 806 (time limit for claims etc) is amended as follows.
(4)In subsection (2)—
(a)after “arrangements” insert “is reduced under section 804G, or”,
(b)for “to which the adjustment gives rise” substitute “to which the reduction or adjustment gives rise”, and
(c)for “all such assessments, adjustments” substitute “all such assessments, reductions, adjustments”.
(5)In subsection (3)—
(a)in paragraph (b), after “subsequently” insert “reduced under section 804G or”, and
(b)in the words after paragraph (b), after “Board that” insert “a reduction has been made or that”.
(6)In subsections (4) and (5), for “the adjustment” substitute “the reduction or adjustment”.
(7)In subsection (6)—
(a)for “any adjustment” substitute “any reduction or adjustment”, and
(b)after “allowed” insert “has been reduced or”.
(8)Section 811 (deduction for foreign tax where no credit allowable) is amended as follows.
(9)After subsection (3) insert—
“(3A)If—
(a)income of any person (“P”) is treated under subsection (1) as reduced by a sum paid in respect of tax on that income in the place where the income has arisen (“foreign tax”), and
(b)a payment is made by a tax authority to P, or any person connected with P, by reference to the foreign tax,
the amount of P’s income is to be increased by an amount equal to the payment made to P or the connected person.
(3B)Section 839 applies for the purposes of determining whether or not a person is connected with P.”
(10)In subsection (4)—
(a)before “nothing” insert “or the amount of P’s income is increased under subsection (3A),”,
(b)for “adjustment gives rise” substitute “adjustment or increase gives rise”,
(c)for “all such assessments, adjustments” substitute “all such assessments, adjustments, increases”, and
(d)insert at the end “or increase under subsection (3A) falls to be made”.
(11)In subsection (5)—
(a)in paragraph (b), after “United Kingdom” insert “or an increase under subsection (3A)”, and
(b)in the words after paragraph (b), after “adjustment” insert “or increase”.
(12)In subsections (6), (7) and (8), after “adjustment” insert “or increase”.
(13)The amendments made by this section have effect in relation to payments made on or after 22 April 2009.
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