There is a system of onshore pooling, so that overseas tax suffered in high tax territories may be set off against taxable income arising from low tax territories.

Scope - Israeli resident companies are taxed on their worldwide profits, with credits granted for overseas taxes paid.

Where double taxation arises because of overseas tax suffered, relief is available either in the form of expense or credit relief.

Expense relief allows the overseas tax to be treated as a deductible expense in the tax computation.

The £30,000 overseas tax has been included in the taxable Schedule D Case V figure.

Double tax relief is available on the lower of overseas tax suffered and UK corporation tax suffered on the overseas income.

Relief is available for UK tax paid on dividends received from a CFC where a CFC charge is or was payable and for overseas tax suffered.

This can include information provided by you, as well as by others, such as other government departments or agencies and overseas tax and customs authorities.

You may be liable to overseas taxes on income from service exports if you receive the income in that country or have a presence there.

Even if there's no agreement, you can usually still claim a reduction for any overseas tax you've paid.