Taxes Consolidation Act 1997 Schedule 24 paragraph 14

Income levy

Paragraph 14 provides that the foreign tax credit provisions of Schedule 24 apply to income levy in the same way as they apply to universal social charge, with any necessary modifications.

• The rules in Schedule 24 for crediting foreign tax against universal social charge (USC) also apply to income levy.
• Any necessary modifications are made when applying the provisions in the context of income levy rather than USC.
• This ensures that relief for foreign tax is available against income levy on the same basis as it is against USC.
• The provision was introduced by Finance Act 2013, section 26(1)(g).