Commentary on Sections Overview Section 1278: Valuing unremittable income
3275.This section sets out how unremittable income is valued if relief under this Part is not claimed. It is based on section 584(8) of ICTA. The corresponding rule for income tax is in section 845 of ITTOIA.
3276.The section applies if no claim is made under section 1275 for relief under this Part. In such a case, the charge to tax is not deferred. So the income is charged to corporation tax in the accounting period to which it refers. This section determines the sterling value of the amount to be charged.