SCHEDULE 3 Advance corporation tax
Section 247 of the Taxes Act 1988
19
(1)
Section 247 of the Taxes Act 1988 (dividends etc paid by one member of a group to another) shall be amended as follows.
(2)
Subsections (1), (2) and (3) (which enable dividends paid by one member of a group to another to be excluded from sections 14(1) and 231 of the Taxes Act 1988 etc) shall cease to have effect.
F1(3)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)
In subsection (5)—
F1(a)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)
the words “and shall not apply to a dividend" onwards shall cease to have effect.
(5)
In subsection (6)—
(a)
paragraph (a),
(b)
the words “advance corporation tax ought to have been paid or",
(c)
the words “as the case may be",
(d)
the words “paying or",
(e)
the words “receiving or", and
(f)
the words “the advance corporation tax had been duly paid or",
shall cease to have effect.
(6)
In subsection (7) the words “paying or" and “receiving or" shall cease to have effect.
(7)
In subsection (10)—
(a)
the words “dividends or", and
(b)
the words “and references to “group income” shall be construed accordingly",
shall cease to have effect.
(8)
This paragraph has effect in relation to distributions made on or after 6th April 1999.