This section has no associated Explanatory Notes
21(1)Amend section 125 (annual payments for dividends or non-taxable consideration) as follows.U.K.
(2)In subsection (1)—
(a)omit “shall be made without deduction of income tax and”, and
(b)for “or total income of the person by whom” substitute “ of the company by which ”.
(3)In subsection (2)(b) omit “income tax or”.
(4)In subsection (3)—
(a)insert “ or ” at the end of paragraph (b), and
(b)omit paragraph (d) and the “or” immediately before it.