Finance Act 2016

30(1)Section 279G (ring fence profits: meaning of “augmented profits”) is amended as follows.U.K.

(2)In subsection (1)(b) (franked investment income is part of augmented profits unless excluded)—

(a)for “franked investment income” substitute “ exempt ABGH distributions ”, and

(b)for “is” substitute “ are ”.

(3)In subsection (3) (exclusion of franked investment income received from certain subsidiaries etc), for “franked investment income” substitute “ exempt ABGH distribution ”.

(4)After subsection (4) insert—

(5)In this section “exempt ABGH distribution” means a distribution which—

(a)is a distribution for the purposes of the Corporation Tax Acts only because it falls within paragraph A, B, G or H in section 1000(1), and

(b)is exempt for the purposes of Part 9A of CTA 2009 (company distributions).