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Changes over time for: Section 397AA


Timeline of Changes
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Version Superseded: 15/09/2016
Status:
Point in time view as at 21/07/2009. This version of this provision has been superseded.

Status
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Changes to legislation:
There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Section 397AA.

Changes to Legislation
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[397AATax credit under section 397A: conditionsU.K.
This section has no associated Explanatory Notes
(1)Section 397A(1) only applies if condition A, B or C is met.
(2)Condition A is that—
(a)the relevant distribution is made by a company with issued share capital, and
(b)at the time the person receives the relevant distribution, the person is a minority shareholder in the company.
(3)Condition B is that the company that makes the relevant distribution is an offshore fund.
(4)Condition C is that—
(a)the company that makes the relevant distribution is a resident of (and only of) a qualifying territory at the time that the relevant distribution is received, and
(b)if the relevant distribution is one of a series of distributions made as part of a scheme—
(i)each company that makes a distribution in the series (a “scheme distribution”) is a resident of (and only of) a qualifying territory at the time that the scheme distribution is received, or
(ii)the scheme is not a tax advantage scheme.
(5)In this section—
“minority shareholder”, in relation to a company, has the meaning given in section 397C;
“offshore fund” has the same meaning as in Chapter 5 of Part 17 of ICTA (see sections 756A to 756C of that Act);
“qualifying territory” has the meaning given by or under section 397BA;
“relevant distribution” has the same meaning as in section 397A;
“scheme” includes any scheme, arrangements or understanding of any kind, whether or not legally enforceable and whether involving a single transaction or two or more transactions;
“tax advantage scheme” means a scheme that, ignoring any incidental purposes, has as its only purpose or purposes either or both of the following—
(a)
to enable a person to obtain a tax credit under section 397A, and
(b)
to enable a person to obtain (in any territory) any other relief from tax on a distribution.]
Textual Amendments
Modifications etc. (not altering text)
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