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Corporation Tax Act 2010

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This is the original version (as it was originally enacted).

735Abnormal dividends used for exemptions or reliefs (circumstance A)

This section has no associated Explanatory Notes

(1)This section applies in relation to a company if subsections (2) to (4) apply.

(2)The company receives an abnormal amount by way of dividend (see section 740).

(3)The receipt is in connection with—

(a)the purchase of securities where the purchase is followed by the sale of the same or other securities,

(b)the sale of securities where the sale is followed by the purchase of the same or other securities,

(c)the distribution, transfer or realisation of assets of a company, or

(d)the application of such assets in discharge of liabilities.

(4)The amount so received is taken into account for the purposes of the application of franked investment income for the purposes of regulations made under section 32 of FA 1998 (unrelieved surplus advance corporation tax).

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