{
  "url": "https://openlegislation.uk/income-and-corporation-taxes-act-1988/schedule-18/paragraph-5A",
  "json_url": "https://openlegislation.uk/income-and-corporation-taxes-act-1988/schedule-18/paragraph-5A.json",
  "legislation": "ukpga/1988/1",
  "legislation_title": "Income and Corporation Taxes Act 1988",
  "legislation_url": "https://openlegislation.uk/income-and-corporation-taxes-act-1988",
  "path": "schedule/18/paragraph/5A",
  "kind": "paragraph",
  "number": "5A",
  "heading": null,
  "text": "(1) In a case where paragraphs 4 and 5 above apply, each of the following percentages, namely—\n(a) the percentage of profits to which, on the profit distribution, the first company referred to in paragraph 2(1) above would be entitled, and\n(b) the percentage of assets to which, on the notional winding-up, the first company referred to in paragraph 3(1) above would be entitled,\nshall be determined on each of the different bases set out in sub-paragraph (2) below.\n(2) The bases are—\n(a) the basis specified in paragraph 4(2) above;\n(b) the basis specified in paragraph 5(2) above;\n(c) the basis specified in paragraph 4(2) above and the basis specified in paragraph 5(2) above taken together;\n(d) the basis specified in paragraph 2(1) or 3(1) above (according to the percentage concerned) without regard to paragraphs 4(2) and 5(2) above.\n(3) The lowest of the four percentages of profits so determined shall be taken for the purposes of sections 403C and 413(7) to be the percentage of profits to which, on the profit distribution, the first company referred to in paragraph 2(1) above would be entitled as mentioned in that paragraph.\n(4) The lowest of the four percentages of assets so determined shall be taken for the purposes of sections 403C and 413(7) to be the percentage to which, on the notional winding-up, the first company mentioned in paragraph 3(1) above would be entitled of any assets of the other company available for distribution to its equity holders on a winding-up.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 18 para. 5A substituted (16.7.1992 or as mentioned in Sch. 6 para. 6 of the amending Act) for para. 5(5) by Finance (No. 2) Act 1992 (c. 48), s. 24, Sch. 6 paras.1, 6"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in Sch. 18 paras. 1(1), 2(1), 3(1), 4(3)(4), 5A(3)(4), 5C(3)(4), 5D(3)(4), 5E(3)(4), 6 substituted (retrospectively) by Finance Act 2000 (c. 17), s. 100(4)(a)(5)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1988/1/schedule/18/paragraph/5A",
    "retrieved_at": "2026-10-29T09:49:54.309394+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}