SCHEDULES
SCHEDULE 4Avoidance involving profit fragmentation arrangements
8Double taxation
1
This paragraph applies where—
a
the resident party has paid a relevant tax by virtue of the application of paragraph 7,
b
at any time, the resident party or another person pays—
i
a further amount of the relevant tax, or
ii
an amount of non-UK tax corresponding to the relevant tax, and
c
the result is a double payment of tax calculated by reference to the same income or profits.
2
In order to avoid the double payment of tax, the resident party may make a claim in writing for one or more consequential adjustments to be made in respect of the tax paid mentioned in sub-paragraph (1)(a).
3
On a claim under this paragraph an officer of Revenue and Customs must make such of the consequential adjustments claimed (if any) as are just and reasonable.
4
The amount of any consequential adjustments must not exceed the lesser of—
a
the tax paid by the resident party as mentioned in sub-paragraph (1)(a), and
b
the tax paid as mentioned in sub-paragraph (1)(b).
5
Consequential adjustments may be made—
a
in respect of any tax period,
b
by way of an assessment, the modification of an assessment, the amendment of a claim or otherwise, and
c
despite any time limit imposed by or under any enactment.