Regulation 9 Transitional provision

(1)

This regulation applies if, for the first accounting period for which these Regulations apply—

(a)

a corporate member has an amount of tax chargeable under the law of a territory outside the United Kingdom for which relief has not been given, and

(b)

that amount of tax relates to foreign periods of accounting earlier than the period to which the first accounting period corresponds.

(2)

If the corporate member so chooses, that amount of tax may be added to the pool of adjusted sums of foreign tax for that first accounting period.

(3)

If paragraph (2) applies, the amount of tax must be adjusted in accordance with the provisions of regulation 7 if necessary.

(4)

In any other case, relief must be given for that amount of tax before relief is given under these Regulations.