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The Authorised Investment Funds (Tax) (Amendment) Regulations 2012
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- UK Statutory Instruments
- 2012 No. 519
- Regulation 6
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Amendment of regulation 49 (calculation of unfranked part of dividend distribution)
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6.—(1) Amend regulation 49 (calculation of unfranked part of dividend distribution)(1) as follows.
(2) In paragraph (2), for the definition of “C” substitute—
“C = such amount of the gross income as derives from income in respect of which the legal owner is charged to corporation tax, as reduced by—
(a)
any amount carried forward from an earlier accounting period and allowed as a deduction in computing the legal owner’s liability to corporation tax for the accounting period in which the last day of the distribution period falls, and
(b)
an amount equal to the legal owner’s net liability to corporation tax in respect of the gross income.”.
(3) Omit paragraph (2A)(2).
(1)
Regulation 49 was amended by S.I. 2008/3159.
(2)
Paragraph (2A) was inserted by S.I. 2008/3159.
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