A UK company has:
- trading losses b/fwd
- Trading profits in the year
- Has suffered withholding tax in the year (Hong Kong - No double tax treaty)
I am correct in that the company's PCTCT will be reduced to £nil by use of the trade losses b/fwd and that the only way that it can get any form of relief against the withholding tax will be to net it off against the income as I don't believe that the tax paid can be offset against the future periods...?
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