This section has no associated Explanatory Notes
16(1)Section 85A (life assurance: excess adjusted Case I profits) is amended as follows.U.K.
(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.”