F1Part 1Capital gains tax and corporation tax on chargeable gains

Annotations:
Amendments (Textual)
F1

Pt. 1 substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 2

Chapter 3Attribution of gains of non-UK resident close companies

Supplementary

3GSupplementary provisions

1

If tax payable by a person (“P”) as a result of section 3 is paid by—

a

the company (“C”) to which the gain accrues, or

b

a company by reference to which P is regarded as an indirect participator in C,

the amount paid is not a payment to P for tax purposes.

2

The reference here to tax purposes is to the purposes of income tax, capital gains tax or corporation tax.

3

For the purposes of section 3 the amount of a gain or loss accruing to a company is calculated as if the company were a company resident in the United Kingdom chargeable to corporation tax on the gain.