Regulation 3 General provisions

(1)

These Regulations make provision for giving credit for foreign tax payable in respect of profits or losses arising from a corporate member’s underwriting business in an accounting period.

(2)

Relief from corporation tax shall be given under Chapters 1 and 2 of Part 18 of ICTA in respect of the foreign tax payable by allowing the amount of the pool of adjusted sums of foreign tax for an accounting period as a credit against the corporation tax payable on the profits arising from the corporate member’s underwriting business.

(3)

In these Regulations—

(a)

regulations 5 to 10 apply to determine how the amount of the pool of adjusted sums of foreign tax for an accounting period is ascertained, and

(b)

regulation 11 explains how the amount of the pool of adjusted sums of foreign tax for an accounting period is allowed as a credit against the corporation tax payable on the profits arising from the corporate member’s underwriting business.