Business, Legal & Accounting Glossary
Unilateral relief is relief given by UK authorities against double taxation for tax paid in another country with which the UK has no double-taxation agreement.
A corrective measure which is taken by a country to minimise the effect of double taxation in a situation where similar relief is unavailable through a tax treaty.
Relief is typically provided in the form of an adjustment on tax liability using a tax credit.
In the UK, TIOPA10/S18 allows unilateral tax credit relief to be given against UK taxes for foreign taxes imposed in a country with which the UK has no double taxation agreement.
Unilateral relief under S18 can only be given by way of credit for foreign tax payable under the law of the relevant country.
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This glossary post was last updated: 5th May, 2020 | 471 Views.