Section 960 — Corporation Tax Act 2009: Relief in respect of tax relating to absolute interests

Relief in respect of tax relating to absolute interests 960 1 This section applies if—

a United Kingdom corporation tax has been charged on a company for an accounting period on estate income treated as arising from an estate under section 937 (estate income: absolute interests in residue),

b the estate is a foreign estate in relation to the relevant tax year, and c United Kingdom income tax has already been borne by part of the aggregate income of the estate for the relevant tax year.

2 If the company makes a claim under this section, the corporation tax charged on the company on that estate income is to be reduced by an amount equal to— T × A B where— T is the corporation tax charged on the company, A is so much of the aggregate income of the estate as has already borne United Kingdom income tax for the relevant tax year, and B is the aggregate income of the estate for the relevant tax year.