Paragraph 6
United Kingdom
(1)
Section 549 (distributions: supplementary) is amended as follows.
(2)
In F1subsection (2A) after “shareholder” insert “ so far as they are distributions of exempt profits ”.
(3)
After subsection (3) insert—
“(3A)Relevant distribution” does not include a distribution falling within section 549A(6) or (8) so far as the distribution is a distribution of exempt profits.”
(4)
In subsection (4) after the first “shareholder” insert “ (so far as they are distributions of exempt profits) ”.
Annotations
Textual amendments
- F1
Word in Sch. 19 para. 6(2) substituted (15.9.2016) (with effect in accordance with Sch. 1 para. 73 of the amending Act) by Finance Act 2016 (c. 24), Sch. 1 para. 71(a)