6(1)This paragraph applies where the Corporation makes a distribution during the exempt period.U.K.
(2)The following provisions shall not apply in relation to the distribution—
(a)[F1section 1285 of the Corporation Tax Act 2009] (exemption from corporation tax);
(b)section 231 of [F2the Income and Corporation Taxes Act 1988][F3or section 397 of the Income Tax (Trading and Other Income) Act 2005 (tax credits for qualifying distributions: UK residents and eligible non-UK residents)] (tax credits).
(3)The distribution shall be treated for the purposes of [F4income tax as dividends of a non-UK resident company chargeable under Chapter 4 of Part 4 of the Income Tax (Trading and Other Income) Act 2005 (and accordingly as relevant foreign income for the purposes of that Act), and for the purposes of corporation tax] [F5as dividends of a non-UK resident company chargeable under Chapter 2 of Part 10 of the Corporation Tax Act 2009.]
F6(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)In this paragraph “distribution” has the same meaning as it has in the Corporation Taxes Acts by virtue of Chapter II of Part VI of the M1Income and Corporation Taxes Act 1988 (company distributions).
Textual Amendments
F1Words in Sch. 3 para. 6(2)(a) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 461(2)(a) (with Sch. 2 Pts. 1, 2)
F2Words in Sch. 3 para. 6(2)(b) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 461(2)(b) (with Sch. 2 Pts. 1, 2)
F3Words in Sch. 3 para. 6(2)(b) inserted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 510(2) (with Sch. 2)
F4Words in Sch. 3 para. 6(3) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 510(3) (with Sch. 2)
F5Words in Sch. 3 para. 6(3) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 461(3) (with Sch. 2 Pts. 1, 2)
F6Sch. 3 para. 6(4) repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 510(4), Sch. 3 (with Sch. 2)
Marginal Citations