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Changes over time for: Paragraph 39


Llinell Amser Newidiadau
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 01/04/2010
Status:
Point in time view as at 22/07/2004.
Changes to legislation:
There are currently no known outstanding effects for the Finance Act 1998, Paragraph 39.

Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
39(1)Section 832 of the Taxes Act 1988 (interpretation of the Tax Acts) shall be amended as follows.U.K.
(2)In subsection (1) for the definition of “franked investment income" there shall be substituted—
““franked investment income” means income of a company resident in the United Kingdom which consists of a distribution in respect of which the company is entitled to a tax credit (and which accordingly represents income equal to the aggregate of the amount or value of the distribution and the amount of that credit);”.
(3)In subsection (1) the definition of “franked payment" shall cease to have effect.
(4)In subsection (1) the definition of “group income" shall cease to have effect.
(5)In subsection (1) the definition of “the rate of advance corporation tax" shall cease to have effect.
(6)In subsection (1) the definition of “surplus of franked investment income" shall cease to have effect.
(7)After subsection (4) there shall be inserted—
“(4A)Any reference in the Tax Acts to franked investment income received by a company apply to any such income received by another person on behalf of or in trust for the company, but not to any such income received by the company on behalf of or in trust for another person.”
(8)Sub-paragraphs (2), (3), (6) and (7) above have effect in relation to accounting periods beginning on or after 6th April 1999.
(9)Sub-paragraphs (4) and (5) above have effect in relation to distributions made on or after 6th April 1999.
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