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Finance Act 1965

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7(1)The " distributable profits " of a company for an accounting period shall be the amount on which corporation tax falls finally to be borne, less the amount of that tax, but with additions equal to—

(a)any deduction made by virtue of section 87 of this Act by way of allowance in respect of any source of income; and

(b)any franked investment income, less the amount of any relief given against it for management expenses or charges on income ;

(c)any group income.

(2)The " distributable income " of a company for an accounting period shall be the amount of the distributable profits exclusive of the part attributable to chargeable gains, which shall be taken to be the amount of the chargeable gains on which corporation tax is finally borne less the amount of that tax.

(3)The " distributable investment income " of a company for an accounting period shall be the amount of the distributable income exclusive of the part attributable to estate or trading income and less whichever is the smaller of—

(a)ten per cent. of the estate or trading income ; and

(b)£200 or, if the accounting period is of less than twelve months, a proportionately reduced amount.

(4)The " estate or trading income" of a company means the income of the following descriptions:—

(a)income which is not investment income for purposes of paragraph 8(1) below ; and

(b)income which is chargeable to tax under Schedule B or which is chargeable to tax under Schedule D and, not being yearly or other interest, arises from the ownership or occupation of land (including any interest in or right over land) or from the letting furnished of any building or part of a building.

(5)The amount for part of an accounting period of any description of income referred to in this paragraph shall be a proportionate part of the amount for the whole period, and, in determining the amount for any period of any description of income, any deduction from the company's profits for charges on income, expenses of management or other amount deductible from profits of more than one description shall be treated as made from such profits, and in such proportions from those profits, as is appropriate.

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