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LL 5: Meaning of foreign dividend company net earnings
or “Definition of foreign dividend company earnings removed from law”
You could also call this:

“Removed rule about tax credits for certain foreign dividends”

This part of the law used to talk about ‘Foreign dividend company lower tier UFTCs’. However, it has been removed from the law. The government took it out on 30 June 2009. This means that this specific rule no longer applies. If you want to know more about tax credits, you might need to look at other parts of the Income Tax Act 2007.

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Next up: LL 7: Conduit financing arrangements

or “Law about special financing arrangements no longer applies to tax credits”
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Part L Tax credits and other credits
Underlying foreign tax credits (UFTC)

LL 6Foreign dividend company lower tier UFTCs (Repealed)

    Notes
    • Section LL 6: repealed (with effect on 30 June 2009), on , by section 343(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).