PART IV PROVISIONS RELATING TO THE SCHEDULE D CHARGE
CHAPTER V COMPUTATIONAL PROVISIONS
Treatment of regional development and other grants and debts released etc.
92 Regional development grants.
F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
93 Other grants under Industrial Development Act 1982 etc.
F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
94 Debts deducted and subsequently released.
F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
95F4Taxation of dealers in respect of distributions etc.
F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F995ZATaxation of UK distributions received by insurance companies
1
If the total amount of relevant distributions received by a company in an accounting period exceeds £50,000, those distributions are to be taken into account in calculating for corporation tax purposes the profits of the company in that period (and accordingly F6F7section 130(2) of CTA 2009 does not apply in relation to those distributions).
2
A company (“company A”) receives a “relevant distribution” if—
a
it receives a distribution made by a company F8. . . (“company B”),
b
the value of the shares or stock in respect of which the distribution is made (“the holding”) is materially reduced by reason of the distribution,
c
a profit on the sale of the holding (to anyone other than company B) would be taken into account in calculating company A's profits in respect of relevant insurance business, and
d
either—
i
the holding amounts to, or is an ingredient in a holding amounting to, 10% of all holdings of the same class in company B, or
ii
the period between the acquisition by company A of the holding and that company first taking steps to dispose of the holding does not exceed 30 days.
3
In this section “relevant insurance business” means any kind of insurance business other than life assurance business.
4
Section 177(7) of TCGA 1992 (provision supplementing provision corresponding to subsection (2)(d)(i) above) applies for the purposes of subsection (2)(d)(i).
5
Section 731(4) below (interpretation of “taking steps to dispose of securities”) applies for the purposes of subsection (2)(d)(ii) as if the reference to the securities were to the holding.