Paragraph 2A

any dividend which is paid for the accounting period (“the preceding period”) F3immediately preceding the relevant accounting period and F4which is not an excluded dividend shall be treated as falling within that paragraph, and

if the distribution condition is satisfied in relation to the preceding period, any dividend which is paid for the accounting period immediately preceding the preceding period and which is not an excluded dividend shall be treated as falling within that paragraph,

a dividend or dividends are paid for the period to persons resident in the United Kingdom,

the amount or, as the case may be, aggregate amount of any dividends falling within paragraph (a) above is not less than—

any dividends falling within that paragraph are paid not later than the time by which any dividend paid for the relevant accounting period is required by paragraph 2(1)(b) above to be paid;

the relevant profits for that period do not include income within sub-paragraph (4B), and

if that income were included, the distribution condition would not be satisfied in relation to that period.

any income which accrues during the relevant accounting period to the trustees of a settlement in relation to which the company is a settlor or a beneficiary, and

any income which accrues during that period to a partnership of which the company is a partner, apportioned between the company and the other partners on a just and reasonable basis.

the references in sub-paragraphs (4) and (5) to the accounting period in question are to be read as references to the accounting period for which the dividend or dividends are paid,

the references in those sub-paragraphs to sub-paragraph (1)(d) are to be read as references to sub-paragraph (3)(b) above, and

the reference in the definition of “X” in sub-paragraph (6) to F7net chargeable profits is to be read as a reference to relevant profits.

a dividend is an excluded dividend if it is paid, in whole or in part, out of the total profits from which (in accordance with section 747(6)(a)) the chargeable profits for an excluded period are derived,

a period is an excluded period if it is an accounting period in respect of which F10an apportionment under section 747(3) falls to be made, and

relevant profits for any accounting period are the profits which would be the relevant profits of that period for the purposes of section 799 if a dividend were actually paid for that period.