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Finance (No. 2) Act 1992
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- 1992 c. 48
- SCHEDULE 6
- Main amendments
- Section 1
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- Act amendment to earlier affecting provision SI 2007/1050 reg. 3-12 by 2009 c. 4 Sch. 2 para. 131
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1In Schedule 18 to the Taxes Act 1988 (group relief: equity holders and profits or assets available for distribution) the following paragraph shall be substituted for paragraph 5(5)—E+W+S+N.I.
“5A(1)In a case where paragraphs 4 and 5 above apply, each of the following percentages, namely—
(a)the percentage of profits to which, on the profit distribution, the first company referred to in paragraph 2(1) above would be entitled, and
(b)the percentage of assets to which, on the notional winding-up, the first company referred to in paragraph 3(1) above would be entitled,
shall be determined on each of the different bases set out in sub-paragraph (2) below.
(2)The bases are—
(a)the basis specified in paragraph 4(2) above;
(b)the basis specified in paragraph 5(2) above;
(c)the basis specified in paragraph 4(2) above and the basis specified in paragraph 5(2) above taken together;
(d)the basis specified in paragraph 2(1) or 3(1) above (according to the percentage concerned) without regard to paragraphs 4(2) and 5(2) above.
(3)The lowest of the four percentages of profits so determined shall be taken for the purposes of section 413(7) to (9) to be the percentage of profits to which, on the profit distribution, the first company referred to in paragraph 2(1) above would be entitled as mentioned in that paragraph.
(4)The lowest of the four percentages of assets so determined shall be taken for the purposes of section 413(7) to (9) to be the percentage to which, on the notional winding-up, the first company mentioned in paragraph 3(1) above would be entitled of any assets of the other company available for distribution to its equity holders on a winding-up.”
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