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2(1)Section 397A (tax credits for distributions of non-UK resident companies: UK residents and eligible non-UK residents) is amended as follows.U.K.
(2)For subsections (1) and (2) substitute—
“(1)A UK resident or eligible non-UK resident receiving a relevant distribution made by a non-UK resident company is entitled to a tax credit equal to one-ninth of the amount or value of the grossed up distribution (but see subsections (3) and (6) and section 397AA).”
(3)In subsection (3), for “(2)” substitute “ (1) ”.
(4)In subsection (7), omit the definition of “minority shareholder”.