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Income and Corporation Taxes Act 1988
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- UK Public General Acts
- 1988 c. 1
- PART VI
- CHAPTER V
- Section 241
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Changes over time for: Section 241
Version Superseded: 31/07/1997
Alternative versions:
- 01/02/1991- Amendment
- 01/05/1995- Amendment
- 19/03/1997
Point in time - 31/07/1997- Amendment
- 31/07/1998- Amendment
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Income and Corporation Taxes Act 1988, Section 241 is up to date with all changes known to be in force on or before 10 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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241 Calculation of ACT where company receives franked investment income.U.K.
M1(1)Where in any accounting period a company receives franked investment income the company shall not be liable to pay advance corporation tax in respect of qualifying distributions made by it in that period unless the amount of the franked payments made by it in that period exceeds the amount of that income.
(2)If in an accounting period there is such an excess, advance corporation tax shall be payable on an amount which, when the advance corporation tax payable thereon is added to it, is equal to the excess.
(3)[F1Where a company has a surplus of franked investment income for any accounting period, the surplus] shall be carried forward to the next accounting period and treated for the purposes of this section (including any further application of this subsection) as franked investment income received by the company in that period.
(4)Without prejudice to section 238(5), Schedule 13 shall apply for the purpose of regulating the manner in which effect is to be given to subsections (1) to (3) above.
(5)No franked investment income shall be used to frank distributions of a company F2. . . if the amount of the tax credit comprised in it has been paid under subsection (2) of section 231; and no payment shall be made under that subsection in respect of the tax credit comprised in franked investment income which has been so used.
Textual Amendments
F1Words in s. 241(3) substituted (with effect in accordance with Sch. 8 para. 57(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 8 para. 18(5)
F2Words in s. 241(5) repealed (with effect in accordance with Sch. 8 para. 57(1) of the repealing Act) by Finance Act 1995 (c. 4), Sch. 8 para. 18(6), Sch. 29 Pt. 8(5), Note 2
Modifications etc. (not altering text)
C1S. 241(5) amended (27.7.1993) by 1993 c. 34, s. 78(7)
Marginal Citations
M1Source—1972 s.89(1)-(5)
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