6(1)For the purposes of section 107(1) the property rental businesses of the members of the group shall be treated as a single business.E+W+S+N.I.
(2)F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)For section 107(8) substitute—
“(8)[F3Condition 3]F3 is that at least 90% of the UK profits of the property rental business arising in the accounting period are distributed—
(a)by the principal company,
(b)by way of dividend, and
(c)on or before the filing date for the principal company's tax return for the accounting period (see paragraph 14 of Schedule 18 to FA 1998);
and for the purposes of this Condition “UK profits” means amounts shown in the financial statements of G (property rental business) as profits of UK resident members of the group.”
(5)In the application of section 107(9) compliance with [F3Condition 3]F3 shall be treated as unlawful in so far as—
(a)the Condition applies to the profits of the property rental business attributable to a member, and
(b)compliance with the Condition by the member would (if the Condition applied to it) be unlawful as described in section 107(9)(a)(i) or (ii).
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Amendments (Textual)
F1Sch. 17 para. 6(2) repealed (with effect in accordance with s. 52 of the amending Act) by Finance Act 2007 (c. 11), ss. 52, 114, Sch. 17 para. 16(3), {Sch. 27 Pt. 2(17) Note}
F2Sch. 17 para. 6(3) repealed (with effect in accordance with s. 52 of the amending Act) by Finance Act 2007 (c. 11), ss. 52, 114, Sch. 17 para. 16(3), {Sch. 27 Pt. 2(17) Note}
F3Words in Sch. 17 para. 6(4)(5) substituted (with effect as mentioned in s. 52(2) of the amending Act) by Finance Act 2007 (c. 11), s. 52, Sch. 17 para. 16(4)