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Changes over time for: Section 548
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Version Superseded: 17/07/2013
Status:
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Changes to legislation:
Corporation Tax Act 2010, Section 548 is up to date with all changes known to be in force on or before 27 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes to Legislation
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548Distributions: liability to taxU.K.
This section has no associated Explanatory Notes
(1)This section applies if a shareholder of the principal company of a group UK REIT receives a distribution of amounts shown in the financial statement under section 532(2)(a) (statement of group's property rental business) as—
(a)profits or gains (or both) of UK members of the group, or
(b)profits or gains (or both) of UK property rental business of non-UK members of the group.
(2)In subsection (1) the reference to the principal company includes a reference to the principal company of the post-cessation group.
(3)This section also applies if a shareholder of a company UK REIT receives a distribution in respect of profits or gains (or both) of property rental business of the company.
(4)In subsection (3) the reference to a company UK REIT includes a reference to the post-cessation company.
(5)If the shareholder is within the charge to corporation tax, the distribution is to be treated as profits of a UK property business (within the meaning given by section 205 of CTA 2009).
(6)If the shareholder is not within the charge to corporation tax, the distribution is to be treated as profits of a UK property business (within the meaning given by section 264 of ITTOIA 2005).
(7)In the case of a non-UK resident shareholder, the distribution is not non-resident landlord income for the purposes of regulations under section 971 of ITA 2007 (income tax due in respect of income of non-resident landlords).
(8)See sections 973 and 974 of ITA 2007 (income tax due in respect of distributions) for provision about the deduction of sums representing income tax in relation to distributions of a kind mentioned in this section.
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