198. Relevant foreign income charged on the arising basis.

In calculating the amount of relevant foreign income1 to be charged to income tax for a tax year, a deduction is allowed for expenses incurred outside the United Kingdom that are attributable to the collection or payment of the income2.

In calculating the amount of relevant foreign income to be charged to income tax for a tax year, a deduction is allowed for an annual payment3 (other than interest4), provided that the payment: