Lloyds Income
16/10/1992
Query
How is credit for US tax shown in a Lloyds account given.
Decision
Credit is given against the tax for the year of assessment for which the accounts form the basis of assessment. If there are losses, the effective rate of Irish tax is nil. In these circumstances the amount of the US tax is allowed as a deduction.
Income Tax
Section 18, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:IT923078