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Finance Act 2012

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CTA 2009

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30In Chapter 2 of Part 9A (exemption of distributions received by small companies) after section 931C insert—

931CAFurther exemption where distribution received from CFC

(1)Subsection (2) applies if—

(a)under Part 9A of TIOPA 2010 (controlled foreign companies), the CFC charge is charged in relation to a CFC’s accounting period,

(b)a dividend or other distribution of the CFC is received in an accounting period (for corporation tax purposes) of the recipient in which the recipient is a small company,

(c)the whole or a part of the distribution is paid in respect of profits which are chargeable profits of the CFC for its accounting period mentioned in paragraph (a), and

(d)the requirements of section 931B(b) to (d) are met in relation to the distribution.

(2)The distribution is exempt.

(3)If part of the distribution is not paid in respect of chargeable profits—

(a)for the purposes of this Part and Part 2 of TIOPA 2010 that part of the distribution is treated as a separate distribution, and

(b)subsection (2) does not apply to that separate distribution.

(4)In this section references to chargeable profits of the CFC are limited to chargeable profits so far as apportioned to chargeable companies at step 3 in section 371BC(1) of TIOPA 2010.

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