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(1)No advance corporation tax shall be repaid to a company under section 17(3) of the [1975 c. 22.] Oil Taxation Act 1975 (advance corporation tax which cannot be set off in an accounting period because the income limit has been reduced by the deduction of payments of petroleum revenue tax) if it is advance corporation tax paid by the company in respect of a distribution made in an accounting period of the company ending on or after 1st April 1984.
(2)The reference in subsection (1) above to advance corporation tax paid by the company in respect of a distribution in a particular accounting period is a reference to—
(a)advance corporation tax which is actually paid by the company in respect of such a distribution ; and
(b)advance corporation tax which, by virtue of section 85(4) or section 92(2) of the [1972 c. 41.] Finance Act 1972 (tax carried forward or surrendered to a subsidiary), is treated as paid by the company in respect of such a distribution.
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