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8(1)Section 799 (double taxation relief: computation of underlying tax in respect of a dividend) is amended as follows.
(2)In subsection (3) (as it has effect as amended by paragraph 8 of Schedule 30 to FA 2000)—
(a)before paragraph (a) insert—
“(za)if the dividend is received in an accounting period of the recipient in which the recipient is not a small company, and the dividend is a relevant dividend, the profits in respect of which the dividend is paid;”,
(b)in paragraph (a), insert at the beginning “in a case not falling under paragraph (za),”, and
(c)in paragraph (c), insert at the beginning “in a case not falling under paragraph (za),”.
(3)After subsection (3) insert—
“(3A)For the purposes of subsection (3)—
(a)“small company” has the same meaning as in Part 9A of CTA 2009 (company distributions),
(b)“relevant dividend” means a dividend that, for the purposes of section 931H of that Act (dividends derived from transactions not designed to reduce tax), is treated as paid in respect of profits other than relevant profits (see subsection (4) of that section), and
(c)the profits in respect of which a dividend is paid are the profits in respect of which the dividend is treated as paid for the purposes of that section.”
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