PART VI COMPANY DISTRIBUTIONS, TAX CREDITS ETC
CHAPTER I TAXATION OF COMPANY DISTRIBUTIONS
207AF1 Application of lower rate to company distributions.
1
Subject to section 686, so much of any person’s total income in any year of assessment as—
a
comprises income which is chargeable under Schedule F; and
b
in the case of an individual, is not income falling within section 1(2)(b),
shall by virtue of this section be charged for that year at the lower rate, instead of at the rate otherwise applicable to it in accordance with section 1(2)(aa) and (a).
C62
So much of any person’s income as comprises income chargeable under Schedule F shall be treated for the purposes of subsection (1)(b) above and any other provisions of the Income Tax Acts as the highest part of his income.
C63
Subsection (2) above shall have effect subject to section 833(3) but shall otherwise have effect notwithstanding any provision requiring income of any description to be treated for the purposes of the Income Tax Acts (other than section 550) as the highest part of a person’s income.
C1C2C3C4C5208 U.K. company distributions not generally chargeable to corporation tax.
M1Except as otherwise provided by the Corporation Tax Acts, corporation tax shall not be chargeable on dividends and other distributions of a company resident in the United Kingdom, nor shall any such dividends or distributions be taken into account in computing income for corporation tax.