This is the original version (as it was originally enacted).
(1)This section applies if a company meets conditions A, B and C.
(2)Condition A is that the company does not carry on, and has never carried on—
(a)a trade, or
(b)a business of holding investments.
(3)Condition B is that the company does not hold, and has never held, an office.
(4)Condition C is that the company is not established for purposes which include—
(a)carrying on a trade,
(b)carrying on a business of holding investments, or
(c)holding an office.
(5)The provisions of the Corporation Tax Acts relating to distributions apply to distributions made by the company only so far as the distributions are made out of—
(a)profits of the company which are brought into charge to corporation tax, or
(b)franked investment income.
(6)In subsection (5) “profits” means income and chargeable gains.
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