Paragraph 6

United Kingdom

(1)

This paragraph applies where the Corporation makes a distribution during the exempt period.

(2)

The following provisions shall not apply in relation to the distribution—

(a)

F1section 1285 of the Corporation Tax Act 2009 (exemption from corporation tax);

F2(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)

The distribution shall be treated for the purposes of F3income tax as dividends of a non-UK resident company chargeable under Chapter 4 of Part 4 of the Income Tax (Trading and Other Income) Act 2005 (and accordingly as relevant foreign income for the purposes of that Act), and for the purposes of corporation tax F4as dividends of a non-UK resident company chargeable under Chapter 2 of Part 10 of the Corporation Tax Act 2009.

F5(4)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5)

In this paragraph “distribution” has the same meaning as it has in the Corporation Taxes Acts by virtue of F6Chapter 2 of Part 23 of the Corporation Tax Act 2010 (company distributions).

Annotations

Textual amendments

F1: Words in Sch. 3 para. 6(2)(a) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 461(2)(a) (with Sch. 2 Pts. 1, 2)
F2: Sch. 3 para. 6(2)(b) omitted (with effect in accordance with Sch. 1 para. 73 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 1 para. 59
F3: Words in Sch. 3 para. 6(3) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 510(3) (with Sch. 2)
F4: Words in Sch. 3 para. 6(3) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 461(3) (with Sch. 2 Pts. 1, 2)
F5: Sch. 3 para. 6(4) repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 510(4), Sch. 3 (with Sch. 2)
F6: Words in Sch. 3 para. 6(5) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 303(3) (with Sch. 2)