SCHEDULES
SCHEDULE 14Corporation tax treatment of company distributions
Part 2Other amendments
FA 1989
16
1
Section 85A (life assurance: excess adjusted Case I profits) is amended as follows.
2
In paragraph (a) of subsection (6), for “distributions received by the company in the accounting period from companies resident in the United Kingdom” substitute “
non-taxable distributions received by the company in the accounting period
”
.
3
After that subsection insert—
6A
In this section “non-taxable distribution” means—
a
a distribution that is exempt for the purposes of Part 9A of the Corporation Tax Act 2009 (company distributions), and
b
does not include any amount withheld from the distribution on account of tax payable under the laws of a territory outside the United Kingdom.