http://www.legislation.gov.uk/ukpga/1998/36/section/31Finance Act 1998An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.1998-07-31texttext/xmlenStatute Law Database2024-05-30Expert Participation2024-04-01 Part III Income Tax, Corporation Tax and Capital Gains TaxChapter I Income Tax and Corporation Tax Corporation tax: periodic payments <Abbreviation Expansion="Et cetera" xml:lang="la">etc</Abbreviation> Abolition of advance corporation tax.311No company resident in the United Kingdom shall be liable to pay advance corporation tax in respect of any qualifying distribution made on or after 6th April 1999.2For the purposes of the Tax Acts, no distribution made on or after 6th April 1999 shall be treated as giving rise to the making of a franked payment.3No franked investment income which is attributable to a distribution made on or after 6th April 1999 shall be used to frank any distributions of a company.4Section 238(3) of the Taxes Act 1988 shall apply for the purposes of subsection (3) above as it applies for the purposes of Chapter V of Part VI of that Act.5Schedule 3 to this Act (which makes provision for and in connection with the abolition of advance corporation tax) shall have effect.
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<ukm:AffectingTitle>Corporation Tax Act 2009</ukm:AffectingTitle>
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title
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<ukm:AffectingTitle>Finance Act 2006</ukm:AffectingTitle>
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<Number>Part III</Number>
<Title> Income Tax, Corporation Tax and Capital Gains Tax</Title>
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<Number>Chapter I</Number>
<Title> Income Tax and Corporation Tax</Title>
<Pblock DocumentURI="http://www.legislation.gov.uk/ukpga/1998/36/part/III/chapter/I/crossheading/corporation-tax-periodic-payments-etc" IdURI="http://www.legislation.gov.uk/id/ukpga/1998/36/part/III/chapter/I/crossheading/corporation-tax-periodic-payments-etc" NumberOfProvisions="8" id="part-III-chapter-I-crossheading-corporation-tax-periodic-payments-etc" RestrictStartDate="2013-01-31">
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Corporation tax: periodic payments
<Abbreviation Expansion="Et cetera" xml:lang="la">etc</Abbreviation>
</Title>
<P1group RestrictStartDate="1998-07-31">
<Title> Abolition of advance corporation tax.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1998/36/section/31" IdURI="http://www.legislation.gov.uk/id/ukpga/1998/36/section/31" id="section-31">
<Pnumber>31</Pnumber>
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<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1998/36/section/31/1" IdURI="http://www.legislation.gov.uk/id/ukpga/1998/36/section/31/1" id="section-31-1">
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<P2para>
<Text>No company resident in the United Kingdom shall be liable to pay advance corporation tax in respect of any qualifying distribution made on or after 6th April 1999.</Text>
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</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1998/36/section/31/2" IdURI="http://www.legislation.gov.uk/id/ukpga/1998/36/section/31/2" id="section-31-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>For the purposes of the Tax Acts, no distribution made on or after 6th April 1999 shall be treated as giving rise to the making of a franked payment.</Text>
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</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1998/36/section/31/3" IdURI="http://www.legislation.gov.uk/id/ukpga/1998/36/section/31/3" id="section-31-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>No franked investment income which is attributable to a distribution made on or after 6th April 1999 shall be used to frank any distributions of a company.</Text>
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<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1998/36/section/31/4" IdURI="http://www.legislation.gov.uk/id/ukpga/1998/36/section/31/4" id="section-31-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>Section 238(3) of the Taxes Act 1988 shall apply for the purposes of subsection (3) above as it applies for the purposes of Chapter V of Part VI of that Act.</Text>
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<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1998/36/section/31/5" IdURI="http://www.legislation.gov.uk/id/ukpga/1998/36/section/31/5" id="section-31-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>Schedule 3 to this Act (which makes provision for and in connection with the abolition of advance corporation tax) shall have effect.</Text>
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