Unilateral Relief

Business, Legal & Accounting Glossary

Definition: Unilateral Relief

Unilateral Relief

Video Guide For Unilateral Relief

What is the dictionary definition of Unilateral Relief?

Dictionary Definition

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.

Full Definition of Unilateral Relief

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.

Cite Term

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Modern Language Association (MLA):
Unilateral Relief. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
March 01, 2024 https://payrollheaven.com/define/unilateral-relief/.
Chicago Manual of Style (CMS):
Unilateral Relief. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/unilateral-relief/ (accessed: March 01, 2024).
American Psychological Association (APA):
Unilateral Relief. PayrollHeaven.com. Retrieved March 01, 2024
, from PayrollHeaven.com website: https://payrollheaven.com/define/unilateral-relief/

Definition Sources

Definitions for Unilateral Relief are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 22nd November, 2021 | 0 Views.