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).”