Part 2Double taxation relief

CHAPTER 2Double taxation relief by way of credit

Allocation of deductions etc to profits for purposes of section 42

52General deductions

(1)Subsection (2) applies for the purposes of section 42 if in the accounting period there is any amount (“the deduction”) that for corporation tax purposes is deductible from, or otherwise allowable against, profits of more than one description.

(2)The company may allocate the deduction in such amounts, and to such of its profits for the period, as it thinks fit.