Commentary

B2.119 Restrictions on and withdrawal of relief for unremittable amounts

Business tax
Business tax | Commentary

B2.119 Restrictions on and withdrawal of relief for unremittable amounts

Business tax | Commentary

B2.119 Restrictions on and withdrawal of relief for unremittable amounts

Restrictions on relief for unremittable amounts

Restrictions on relief for unremittable amounts apply in certain circumstances as follows:

  1.  

    •     No deduction is allowed in relation to any amounts used to finance expenditure or investment outside the UK1, or applied outside the UK in another way2. The former legislation stated that the proceeds of a trade debt are regarded as having been used to finance expenditure outside the UK to the extent that they are used, or might reasonably have been used to meet expenditure, or guarantee a liability, incurred in the territory

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