Modifications etc. (not altering text)
C1 See—1979(C) s.122—election to take capital gain or loss into account when asset appropriated to stock in trade.1989 ss.67-74—employee share ownership trusts.Banking Act 1987 (c.22) s.66—contributions to the Deposit Protection Fund.
Yn ddilys o 21/07/2008
(1)If the total amount of relevant distributions received by a company in an accounting period exceeds £50,000, those distributions are to be taken into account in calculating for corporation tax purposes the profits of the company in that period (and accordingly section 208 does not apply in relation to those distributions).
(2)A company (“company A”) receives a “relevant distribution” if—
(a)it receives a distribution made by a company resident in the United Kingdom (“company B”),
(b)the value of the shares or stock in respect of which the distribution is made (“the holding”) is materially reduced by reason of the distribution,
(c)a profit on the sale of the holding (to anyone other than company B) would be taken into account in calculating company A's profits in respect of relevant insurance business, and
(d)either—
(i)the holding amounts to, or is an ingredient in a holding amounting to, 10% of all holdings of the same class in company B, or
(ii)the period between the acquisition by company A of the holding and that company first taking steps to dispose of the holding does not exceed 30 days.
(3)In this section “relevant insurance business” means any kind of insurance business other than life assurance business.
(4)Section 177(7) of TCGA 1992 (provision supplementing provision corresponding to subsection (2)(d)(i) above) applies for the purposes of subsection (2)(d)(i).
(5)Section 731(4) below (interpretation of “taking steps to dispose of securities”) applies for the purposes of subsection (2)(d)(ii) as if the reference to the securities were to the holding.]
Textual Amendments
F1S. 95ZA inserted (with effect in accordance with Sch. 17 para. 16(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 17 para. 16(1)