Tax credit | Practical Law
Tax credit
Enter to open, tab to navigate, enter to select
US Home
Global Home
NEW
Sign in
Sign in
All content
Search:
Search Westlaw
Search Tips
Advanced
Tax credit
Practical Law UK Glossary 7-107-7368
(Approx. 3 pages)
Glossary
Tax credit
A credit for tax paid (foreign or domestic), for example,
dividends
paid by a UK resident company prior to 6 April 2016 carried a tax credit, which “franked” (either partially or wholly) the shareholder’s tax liability on the dividend (see
Practice note: overview, Dividends: tax overview: Taxation of dividend income before 6 April 2016
) and unilateral tax credit relief as relief for overseas tax where relief under a double taxation treaty is unavailable (see
Practice note, Double tax treaties: an introduction: Nature and scope of double tax treaties
).