On 1 November 2017 , a UK company receives a non -exempt dividend from an overseas company (in which it has 15% voting power) of £10,500, net of 30% withholding tax. The income statement of the overseas company for the year to which the dividend relates is :

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Profit before tax Less: Provision for taxation liability Profits after tax Dividends Retained profits c/f 400,000 150,000 250,000 100,000 150,000 The actual tax liability of the overseas company is finally agreed at 160,000. Compute the maximum unilateral double tax relief available in respect of the 10,500 dividend.