PART I THE CHARGE TO TAX

Advance corporation tax

14 Advance corporation tax and qualifying distributions.
(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S. 14(1)(3)-(5) repealed (with effect as mentioned in Sch. 3 para. 8(3) of the repealing Act) by Finance Act 1998 (c. 36), ss. 31, 165, Sch. 3 para. 8(2), Sch. 27 Pt. 3(2) Note
(2) In this Act “qualifying distribution” means any distribution other than—
(a) a distribution which, in relation to the company making it, is a distribution by virtue only of section 209(2)(c); or
(b) a distribution consisting of any share capital or security which the company making the distribution has directly or indirectly received from the company by which the share capital or security was issued and which, in relation to the latter company, is a distribution by virtue only of section 209(2)(c).
SOURCE-1972 s. 84(4)
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
For rates see Table J Vol.1.
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
See 1980 s.117and Sch.18—demergers.