SCHEDULES
SCHEDULE 1Abolition of dividend tax credits etc
Further amendments in CTA 2010
30
1
Section 279G (ring fence profits: meaning of “augmented profits”) is amended as follows.
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).