If a taxpayer is entitled to tax credit relief it will reduce
the amount of tax payable on his or her total income for the
purpose of calculating his or her marginal rate (see INTM65040).
The local office should submit any claim for tax credit
relief that relates to overseas tax suffered on a payment
chargeable under Section 401 ITEPA 2003 to CT & VAT.
Include a computation of the liability after giving any
threshold, exception and relief provided by Section 401 ITEPA 2003
(see
EIM13500) but before calculating any tax
credit relief.
