Modifications etc. (not altering text)
C1Pt. 16 Ch. 2 modified by 2010 c. 4, s. 676AJ(2) (as inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 75)
(1)This section applies to a UK resident company if—
(a)income arises to the company from a source not charged to tax,
(b)the company has the source in the course of carrying on its investment business, and
[F1(c)the income does not consist of exempt ABGH distributions.]
(2)This section applies to a non-UK resident company if—
(a)income arises to the company from a source not charged to tax,
(b)the company has the source in the course of carrying on its investment business through a permanent establishment in the United Kingdom,
(c)the source is property or rights used by, or held by or for, that establishment, and
[F2(d)the income does not consist of exempt ABGH distributions.]
(3)The amount of that income is deducted from the amount (if any) that would otherwise be deductible under section 1219 for the accounting period in which the income arises.
[F3(4)In this section “exempt ABGH distribution” means a distribution which—
(a)is a distribution for the purposes of the Corporation Tax Acts only because it falls within paragraph A, B, G or H in section 1000(1) of CTA 2010, and
(b)is exempt for the purposes of Part 9A (company distributions).]
Textual Amendments
F1S. 1222(1)(c) substituted (with effect in accordance with Sch. 1 para. 73 of the amending Act) by Finance Act 2016 (c. 24), Sch. 1 para. 65(2)(a)
F2S. 1222(2)(d) substituted (with effect in accordance with Sch. 1 para. 73 of the amending Act) by Finance Act 2016 (c. 24), Sch. 1 para. 65(2)(b)
F3S. 1222(4) inserted (with effect in accordance with Sch. 1 para. 73 of the amending Act) by Finance Act 2016 (c. 24), Sch. 1 para. 65(2)(c)