Paragraph 11 Designation where tax paid from other sources

In paragraph 8, after sub-paragraph (4) insert—

“(4A)

But where—

(a)

an amount of relevant foreign tax has been paid, or will be paid, in respect of an amount of qualifying overseas capital (“the related qualifying overseas capital”), and

(b)

it has been, or will be, paid out of funds other than the related qualifying overseas capital,

sub-paragraph (3) does not apply to the related qualifying overseas capital to the extent that the tax has been, or will be, paid out of those funds.”