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Tax Trap |
Take advice if paying a dividend before 1 April. |
Group relief
Following a decision of the European Court of Justice, the rules on group relief are amended with effect from 1 April 2006 to allow UK companies to claim relief for the losses of subsidiaries which are not resident in the UK. The losses must be incurred either by a subsidiary resident in the European Economic Area (EEA), or by a subsidiary's permanent establishment in the EEA.
This extension of group relief only applies where the losses cannot be relieved in the subsidiary's country of residence.
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