Finance Act 1997 (c. 16)

SCHEDULES

SCHEDULE 7 U.K. Special treatment for certain distributions

Modifications etc. (not altering text)

C1 Sch. 7 excluded (28.4.1997) by S.I. 1997/1154, reg. 25(10)

Dividends on fixed rate preference shares U.K.

5 (1) A qualifying distribution consisting in a dividend on a fixed-rate preference share does not fall within paragraph 1(3) above by reason only that any of the specified matters is made referable to the terms on which the share was issued.

(2) In this paragraph “fixed-rate preference share” means—

(a) any fixed rate preference share within the meaning of section 95 of the Taxes Act 1988; or

(b) any share which would be such a share if the dividends mentioned in section 95(5)(c)(i) of that Act included dividends fixed by reference to a standard published rate of interest.