On pages 21 and 22 of the study material are two examples of this.
Not sure why there is the gross up calc, please can you explain?
For IiP trust, it’s deducted then the net interest is grossed up.
For the discretionary trust, it’s grossed up, deducted from dividend income and also taxed at 7.5%. I note it is allowable in calculating income chargeable and that it is set against dividend income first, but not quite sure of it’s application, I thought it’s simply deducted…