6.Section 931A establishes that in principle UK and foreign distributions are subject to corporation tax on income, unless they are exempt according to the rules given later in the Part.
7.Subsection (2) limits the scope of the Part by excluding distributions of a capital nature. Capital distributions will continue to be taxed or exempt according to the rules applying to chargeable gains and are unaffected by this legislation.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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