[F1564X Treatment of principal under profit share agency arrangementsU.K.
This section has no associated Explanatory Notes
(1)The principal under profit share agency arrangements is not treated for the purposes of the Income Tax Acts as entitled to profits to which the agent is entitled in accordance with section 564F(1)(e).
(2)And the agent under such arrangements is treated for those purposes as entitled to those profits and the profits specified in section 564F(1)(d).
(3)In this section “the principal” and “the agent” are to be read in accordance with section 564F.]
Textual Amendments
F1S. 564X inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 25 (with Sch. 9 paras. 1-9, 22)