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The Corporation Tax (Treatment of Unrelieved Surplus Advance Corporation Tax) (Amendment) Regulations 2010
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- 2010 No. 669
- Explanatory Note
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend the Corporation Tax (Treatment of Unrelieved Surplus Advance Corporation Tax) Regulations 1999 (S.I. 1999/358) (“the principal Regulations”).
The principal Regulations provide for the treatment of unrelieved surplus advance corporation tax arising as a result of the abolition (by virtue of section 31 (abolition of advance corporation tax) of the Finance Act 1998 (c.36)) of advance corporation tax in respect of distributions made by a company on or after 6th April 1999.
These Regulations are being made to remove an impediment to the repeal of two provisions: section 704A (the prescribed circumstances) of the Income and Corporation Taxes Act 1988 (“ICTA”) (c.1), which has been re-written as section 735 Corporation Tax Act 2010 (“CTA”) (c.4). The anticipated repeal of the latter is part of the Government’s Anti-Avoidance Simplification Review.
Regulation 3 inserts new definitions into regulation 3 (interpretation) of the principal Regulations: “abnormal dividend” which has the meaning given by regulation 6A; “company” which means a company referred to in s733 of CTA; “CTA” which means the Corporation Tax Act 2010; and substitutes a new definition of “franked investment income”. Regulation 3(3) deletes the definition of “the Board” in the principal Regulations.
Regulation 4 inserts regulation 6A into the principal Regulations to prescribe when an amount received by way of dividend is to be treated as abnormal for the purposes of regulation 10A.
Regulation 5 inserts regulation 10A into the principal Regulations, which provides that where an “abnormal dividend” is received by a company from another company, whether or not the paying company is part of the same group of companies as the recipient company, it shall not be regarded as franked investment income for the purposes of the principal Regulations.
Regulation 6 substitutes the words “an officer of Revenue and Customs” in each place that the words “officer of the Board” occurs in the principal Regulations.
Regulation 7 deletes regulation 23 (cancellation of tax advantage) of the principal Regulations, which is no longer needed. Regulation 23 inserted s704A(da) into ICTA 1998.
A full Impact Assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.
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