Finance Act 1966 (c. 18)

SCHEDULES.

SCHEDULE 5 Amendments of Corporation Tax Acts.

Payments by parent company to subsidiary.

2 In the said section 48(7) of the Finance Act 1965 (which applies the conditions in subsection (3) of that section to payments which are charges on income)—

(a) before the words " the conditions" there shall be added the word " either ", and

(b) after the word " dividends " there shall be added the words " or the company receiving the payments is a subsidiary (as defined for the purposes of subsection (3) above) of the other company ".