INTM215430 - Controlled Foreign Companies: before CTSA

Reliefs: relevant allowances

ICTA88/SCH26/PARA1(1)(c)

For periods prior to the introduction of self assessment, relevant allowances must be used first against the United Kingdom company's own profits, and only when they cannot be so used can they be claimed against tax on apportioned chargeable profits.

See INTM211010 for the definition of relevant allowances and guidance on the amount of relevant allowances qualifying for relief.