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Supplemental provisions concerning the determination of reduced Irish tax credit for section 167.
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168.—(1) In this section “the reduced Irish tax credit”, “double taxation relief”, “the company”, “distributable income” and “distribution” have the same meanings as in section 167.
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(2) Where any matter affecting the calculation of double taxation relief has not been fully determined at the time when the reduced Irish tax credit falls to be determined in relation to any distribution, the double taxation relief shall be estimated according to the best of the information available at the time, and, if it is subsequently found that the relief so estimated was excessive or deficient, the appropriate adjustment shall be made in determining the reduced Irish tax credit applicable to the next subsequent distribution on the occasion of which it is practicable to make the adjustment, and shall be made by reducing or, as the case may be, increasing the double taxation relief, as calculated for the purposes of that subsequent distribution, by the amount of the excess or the deficiency.
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(4) Where a company makes, or is deemed under subsection (3) to have made, a distribution for an accounting period, the distribution shall be regarded for the purposes of this section and of section 167 as having been made out of the distributable income of that period to the extent of that income and in relation to the excess of the distributions over that income, out of the most recently accumulated income.
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