Section 1305 Dividends and other distributionsC1

(1)

In the calculation of a company's profits for corporation tax purposes, no deduction is allowed in respect of a dividend or other distribution.

(2)

Subsection (1) is subject to any provision of the Corporation Tax Acts expressly authorising a deduction.

(3)

In this section “profits” has the same meaning as in Part 2.

Annotations

C1: Pt. 20 Ch. 1 applied (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 92(4) (with s. 147, Sch. 17)

C1: Pt. 20 Ch. 1 applied by 1989 c. 26, s. 85(2BA) (as 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. 348(4) (with Sch. 2 Pts. 1, 2))