54Non-UK resident company: receipts of interest, dividends or royaltiesU.K.
(1)This section applies if—
(a)a non-UK resident company carries on a trade in the United Kingdom, and
(b)tax-exempt receipts of interest, dividends or royalties arise to the company.
(2)The receipts are not to be excluded from the profits of the trade so as to give rise to a loss to be deducted under [F1section 37 [F2, 45, 45A or 45B]] .
(3)For the purposes of subsection (1) a receipt is “tax-exempt” if it has been treated as tax-exempt under arrangements having effect under section 2 of TIOPA 2010.
Textual Amendments
F1Words in s. 54(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 217
F2Words in s. 54(2) substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 151