(1) The Principal Act is amended by inserting the following after section 452 -

"452A.

(1) In this section -

'additional tax', in relation to a territory in respect of a qualifying company for an accounting period, means the amount determined by the formula -

A × B/100

where -

A is the specified amount for that territory in respect of the qualifying company for the accounting period, and

B is the rate per cent specified in section 21(1)(f);

'deductible amount', in relation to a territory in respect of a qualifying company for an accounting period, means the amount determined by the formula -

C × D/E

where -

C is the specified amount for that territory in respect of the qualifying company for the accounting period,

D is the specified tax in relation to such specified amount, and

E is the additional tax in relation to that specified amount;

'foreign tax in respect of a qualifying company for an accounting period' means, in relation to a company carrying on business in a territory, the amount determined by the formula -

F × G/100

where -