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2(1)Section 397A (tax credits for distributions of non-UK resident companies: UK residents and eligible non-UK residents) is amended as follows.
(2)For subsections (1) and (2) substitute—
“(1)A UK resident or eligible non-UK resident receiving a relevant distribution made by a non-UK resident company is entitled to a tax credit equal to one-ninth of the amount or value of the grossed up distribution (but see subsections (3) and (6) and section 397AA).”
(3)In subsection (3), for “(2)” substitute “(1)”.
(4)In subsection (7), omit the definition of “minority shareholder”.
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