Commentary on Sections Overview Overview Section 113: Deduction from capital gain for foreign tax (instead of credit against UK tax)
245.This section allows, in certain circumstances in which credit is not allowed for foreign tax chargeable on the disposal of an asset, a deduction in calculating the gain on the disposal for the purposes of capital gains tax and corporation tax on chargeable gains. It is based on sections 8(3) and 278(1) of TCGA.