Taxes Consolidation Act, 1997 (Number 39 of 1997)
[1]>
835S. Creditable tax
(1) In this section, ‘relevant tax’ means a tax chargeable and payable under the laws of a territory, other than the State, which corresponds to corporation tax.
(2) For the purposes of this Part, the creditable tax for an accounting period shall be the aggregate of—
(a) the amount of foreign tax paid or borne in respect of the chargeable income of the controlled foreign company for that accounting [2]>period, and<[2][2]>period,<[2]
(b) the amount of relevant tax paid on a foreign company charge in respect of the chargeable income of the controlled foreign company for that accounting [3]>period.<[3][3]>period, and<[3]
[4]>
(c) the amount of foreign qualified domestic top-up tax payable or borne by the controlled foreign company for that accounting period.
<[4]
[5]>
(3) In subsection (2), references to an amount paid or borne does not include so much of any such amount as has been or falls to be repaid to the controlled foreign company or any other person on the making of a claim or otherwise.
<[5]
[5]>
(3) In subsection (2)—
(a) references to an amount paid, payable or borne do not include so much of any such amount as has been or falls to be repaid to the controlled foreign company or any other person on the making of a claim or otherwise, and
(b) references to an amount of foreign qualified domestic top-up tax payable or borne do not include so much of any amount of foreign qualified domestic top-up tax that is not paid within 4 years from the end of the fiscal year in which it becomes due.
<[5]
(4) The amount of the creditable tax to be allowed against corporation tax in respect of any controlled foreign company charge for an accounting period shall not exceed the corporation tax attributable to that charge under section 835R for that period.
[6]>
(5) The amount of creditable tax to be allowed against corporation tax in respect of any controlled foreign company charge for an accounting period shall not include any amount in respect of:
(a) a qualified IIR (within the meaning of section 111A(1)), or
(b) a qualified UTPR (within the meaning of section 111A(1)).
<[6]
<[1]
[1]
Inserted by FA18 s27(1). Applies as respects an accounting period of a controlling company commencing on or after 1 January 2019.