398Increase in amount or value of dividends where tax credit availableU.K.
(1)If a person is entitled to a tax credit [F1under section 397 or 397A] in respect of a dividend or other distribution, the amount or value of the dividend or other distribution is treated as increased by the amount of the tax credit for all income tax purposes (except [F2sections 397(1) and 397A(2)]).
(2)Subsection (1) does not apply if the distribution is dealt with under Chapter 2 of Part 2 unless the trade consists of the underwriting business of a member of Lloyd's.
Textual Amendments
F1Words in s. 398(1) inserted (with effect in accordance with s. 34(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 12 para. 5(a)
F2Words in s. 398(1) substituted (with effect in accordance with s. 34(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 12 para. 5(b)