OE 6: BETA payment of income tax on foreign income
You could also call this:
“Discontinued method for paying tax on overseas income”
This part of the law used to be about how you could pay income tax on money you earned from other countries. It was called ‘BETA payment of income tax on foreign income’. However, this rule doesn’t exist anymore. The government removed it on 1 July 2012. This means that since that date, you can’t use this method to pay tax on money you get from overseas.
“Branch equivalent tax credits can no longer be used to pay income tax”
Part O
Memorandum accounts
Branch equivalent tax accounts (BETA):
Branch equivalent tax credits
OE 6BETA payment of income tax on foreign income (Repealed)
Notes
Section OE 6: repealed, on (applying for income years beginning on or after that date), by section 105(2) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).
