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Finance Act 1967
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- UK Public General Acts
- 1967 c. 54
- SCHEDULE 11
- PART I
- Dividend stripping
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Dividend stripping
4(1)Section 65(6) of the [1965 c. 25.] Finance Act 1965 (election for treatment of dividends as group income: exclusion of relevant distributions) shall cease to have effect.
(2)Section 65(3) of the Finance Act 1965 (relevant distribution received by a company which is not a dealer: net amount of relevant distribution to be treated as a capital distribution in respect of the holding) shall apply to group income as if in the phrase " the net amount of the relevant distribution " the word " net " were omitted.
(3)The said section 65 shall be deemed always to have had effect subject to this paragraph, and there shall be made all such adjustments by way of discharge or repayment of tax as are necessary to give effect to its provisions.
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