- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
19(1)Section 247 of the Taxes Act 1988 (dividends etc paid by one member of a group to another) shall be amended as follows.
(2)Subsections (1), (2) and (3) (which enable dividends paid by one member of a group to another to be excluded from sections 14(1) and 231 of the Taxes Act 1988 etc) shall cease to have effect.
(3)In subsection (4), for paragraph (a) there shall be substituted—
“(a)the payer company is—
(i)a 51 per cent. subsidiary of the other or of a company so resident of which the other is a 51 per cent. subsidiary, or
(ii)a trading or holding company which does not fall within subsection (1A) above and which is owned by a consortium the members of which include the recipient company, or”.
(4)In subsection (5)—
(a)for “Subsections (1) to (4) above shall not apply to dividends or other payments” there shall be substituted “Subsection (4) above shall not apply to payments”; and
(b)the words “and shall not apply to a dividend” onwards shall cease to have effect.
(5)In subsection (6)—
(a)paragraph (a),
(b)the words “advance corporation tax ought to have been paid or”,
(c)the words “as the case may be”,
(d)the words “paying or”,
(e)the words “receiving or”, and
(f)the words “the advance corporation tax had been duly paid or”,
shall cease to have effect.
(6)In subsection (7) the words “paying or” and “receiving or” shall cease to have effect.
(7)In subsection (10)—
(a)the words “dividends or”, and
(b)the words “and references to “group income” shall be construed accordingly”,
shall cease to have effect.
(8)This paragraph has effect in relation to distributions made on or after 6th April 1999.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: