Income and Corporation Taxes Act 1988

20 Schedule F. U.K.

(1) M1 The Schedule referred to as Schedule F is as follows:—

SCHEDULE F

1. Subject to section 95(1)(a), income tax under this Schedule shall be chargeable for any year of assessment in respect of all dividends and other distributions in that year of a company resident in the United Kingdom which are not specially excluded from income tax, and for the purposes of income tax all such distributions shall be regarded as income however they fall to be dealt with in the hands of the recipient.

2. For the purposes of this Schedule and all other purposes of the Tax Acts any such distribution in respect of which a person is entitled to a tax credit shall be treated as representing income equal to the aggregate of the amount or value of that distribution and the amount of that credit, and income tax under this Schedule shall accordingly be charged on that aggregate.

[F1 (2) M2 Except as provided for by [F2 section 171 of the Finance Act 1993] (underwriters)][F3 or section 219 of the Finance Act 1994] no distribution which is chargeable under Schedule F shall be chargeable under any other provision of the Income Tax Acts.

(3) Part VI contains further provisions relating to company distributions and tax credits.

Textual Amendments

F1 1988(F) s.61(1)(a)for 1988-89and subsequent years; and see s.61(3)for amendment of 1972 s.87(3)for 1986-87and 1987-88.

F2 Words in s. 20(2) substituted (with effect for the year 1992-93 and subsequent years of assessment) by Finance Act 1993 (c. 34), ss. 183(1), 184(3)

F3 Words in s. 20(2) inserted (with effect in accordance with s. 230(3) of the amending Act) by Finance Act 1994 (c. 9), s. 219(5) (with s. 220)

Marginal Citations

M1 SOURCE-1970 s. 232(1); 1972 s. 87(2)

M2 SOURCE-1972 s. 87(3)