Version Superseded: 17/07/2013
Point in time view as at 31/01/2013. This version of this provision has been superseded.
Corporation Tax Act 2010, Section 32 is up to date with all changes known to be in force on or before 04 March 2025. 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.
(1)For the purposes of this Part, a company's augmented profits of an accounting period are—
(a)the company's taxable total profits of that period, plus
(b)any franked investment income received by the company that is not excluded by subsection (2).
(2)This subsection excludes any franked investment income which the company (“the receiving company”) receives from a company which is—
(a)a 51% subsidiary of—
(i)the receiving company, or
(ii)a company of which the receiving company is a 51% subsidiary, or
(b)a trading company or relevant holding company that is a quasi-subsidiary of the receiving company.
(3)For the purposes of subsection (2)(b) a company is a quasi-subsidiary of the receiving company if—
(a)it is owned by a consortium of which the receiving company is a member,
(b)it is not a 75% subsidiary of any company, and
(c)no arrangements of any kind (whether in writing or not) exist by virtue of which it could become a 75% subsidiary of any company.
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