Part II Income Tax, Corporation Tax and Capital Gains Tax
Chapter I General
Taxation of distributions etc.
81 Restriction of set-off of ACT.
In section 245 of the Taxes Act 1988 (calculation etc. of ACT on change of ownership of company) after subsection (3) there shall be inserted the following subsections—
3A
No advance corporation tax paid by the company in respect of distributions made in an accounting period ending after the change of ownership shall be treated under section 239(3) as paid by it in respect of distributions made in an accounting period beginning before the change of ownership; and this subsection shall apply to an accounting period in which the change of ownership occurs as if the part ending with the change of ownership, and the part after, were two separate accounting periods.
3B
Subsection (3A) above applies in relation to changes in ownership occuring on or after 16th March 1993.