- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (19/07/2006)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 01/04/2009
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Income and Corporation Taxes Act 1988, Section 95 is up to date with all changes known to be in force on or before 03 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(a)receives a relevant distribution, that is to say—
(i)any distribution which is made by a company resident in the United Kingdom (“a UK distribution”), or
(ii)any payment which is representative of a UK distribution, or
(b)makes any payment which is representative of a UK distribution,
the distribution or, as the case may be, the payment shall be taken into account in computing the profits of the dealer which are chargeable to [F4corporation tax] in accordance with the provisions of this Act applicable to Case I or II of Schedule D.]
(1A)Accordingly, where a dealer receives a [F5relevant distribution]—
(a)F6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(c)[F8section 208] shall not apply to that distribution; and
(d)F9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F10(e)F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
(1B)F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F13(1C)The application of subsection (1) above in relation to a payment made by a dealer is subject to paragraph 7A of Schedule 23A (manufactured payments under arrangements having an unallowable purpose).]
(2)For the purposes of this section a person is a dealer in relation to any F14. . . distribution if—
(a)were there a sale by that person of the shares [F15or stock] in respect of which the distribution is made, and
(b)the circumstances of that sale were such that the price would not fall to be treated as a F14. . . distribution,
the price would be taken into account in computing the profits of that person which are chargeable to [F16corporation tax] in accordance with the provisions of this Act applicable to Case I or II of Schedule D.]
[F17(2A)The reference in subsection (2) above to the profits of a person does not include the profits of that person in respect of insurance business or any category of insurance business.]
(4)F18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)F18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1S. 95 sidenote substituted (with effect in accordance with s. 24(15) of the amending Act) by Finance (No. 2) Act 1997 (c. 58), s. 24(9)
F2S. 95(1)(1A)(1B)(2) substituted for s. 95(1)-(3) (with effect in accordance with Sch. 7 para. 8(3) of the amending Act) by Finance Act 1997 (c. 16), Sch. 7 para. 8(1)
F3S. 95(1) substituted (with effect in accordance with s. 24(15) of the amending Act) by Finance (No. 2) Act 1997 (c. 58), s. 24(2)
F4Words in s. 95(1) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 74(2) (with Sch. 2)
F5Words in s. 95(1A) substituted (with effect in accordance with s. 24(15) of the amending Act) by Finance (No. 2) Act 1997 (c. 58), s. 24(3)(a)
F6S. 95(1A)(a) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 74(3), Sch. 3 (with Sch. 2)
F7S. 95(1A)(b) repealed (with effect in accordance with s. 24(15) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), s. 24(3)(b), Sch. 8 Pt. 2(8), Note 1
F8Words in s. 95(1A)(c) substituted (with effect in accordance with s. 24(15) of the amending Act) by Finance (No. 2) Act 1997 (c. 58), s. 24(3)(c)
F9S. 95(1A)(d) repealed (with effect in accordance with s. 24(15) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), s. 24(3)(d), Sch. 8 pt. 2(8), Note 1
F10S. 95(1A)(e) inserted (with effect in accordance with s. 24(15) of the amending Act) by Finance (No. 2) Act 1997 (c. 58), s. 24(3)(e)
F11S. 95(1A)(e) repealed (with effect in accordance with Sch. 43 Pt. 3(6) Note of the repealing Act) by Finance Act 2003 (c. 14), Sch. 43 Pt. 3(6)
F12S. 95(1B) repealed (with effect in accordance with s. 24(15) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), s. 24(4), Sch. 8 Pt. 2(8), Note 1
F13S. 95(1C) inserted (2.7.2004) by Finance Act 2004 (c. 12), s. 137(2)(6)
F14Words in s. 95(2) repealed (with effect in accordance with s. 24(15) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), s. 24(5)(a), Sch. 8 Pt. 2(8), Note 1
F15Words in s. 95(2)(a) inserted (with effect in accordance with s. 24(15) of the amending Act) by Finance (No. 2) Act 1997 (c. 58), s. 24(5)(b)
F16Words in s. 95(2) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 74(4) (with Sch. 2)
F17S. 95(2A) inserted (with effect in accordance with s. 24(15) of the amending Act) by Finance (No. 2) Act 1997 (c. 58), s. 24(6)
F18S. 95(4)(5) repealed (with effect in accordance with s. 24(15) of the repealing Act) by Finance (No. 2) Act 1997 (c. 58), s. 24(7)(8). {Sch. 8 Pt. 2(8)}
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