Part 7Tax treatment of financing costs and income
CHAPTER 5Intra-group financing income where payer denied deduction
304References to tax of a territory
1
References in this Chapter to a tax of the United Kingdom are to income tax or corporation tax.
2
References in this Chapter to a tax of a territory outside the United Kingdom are to a tax chargeable under the law of that territory that—
a
is charged on income and corresponds to income tax, or
b
is charged on income or chargeable gains or both and corresponds to corporation tax.
3
For the purposes of this section, a tax chargeable under the law of a territory outside the United Kingdom does not fail to correspond to income tax or corporation tax just because—
a
it is chargeable under the law of a province, state or other part of a country, or
b
it is levied by or on behalf of a municipality or other local body.