Regulation 5 Allocation of foreign tax to accounting periods

The amount of the pool of adjusted sums of foreign tax for an accounting period is calculated by reference to the foreign tax payable for the corresponding foreign period of accounting.

Adjusted sums of foreign tax must be calculated separately for each relevant territory outside the United Kingdom.

For the purposes of these Regulations an accounting period corresponds to a foreign period of accounting if the foreign period of accounting ends in the period of twelve months immediately preceding the beginning of the accounting period.

Regulation 6 contains further provisions that apply if an accounting period or a foreign period of accounting is not a period of twelve months.

In these Regulations an amount of foreign tax payable for a corresponding foreign period of accounting is called a foreign amount of tax.