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U.K. company distributions not generally chargeable to corporation tax.



Income and Corporation Taxes Act 1988

The charge to income tax.

Persons chargeable.

Income tax: mode of charge.

Farming and other commercial occupation of land (except woodlands).

Assessment on preceding year basis.

Basis of assessment etc.

Computation of income tax where no profits in year of assessment.

General rules as to deductions not allowable.

Valuation of trading stock at discontinuance of trade.

Partnership assessments to income tax.

Rent etc. payable in connection with mines, quarries and similar concerns.

Chargeable emoluments.

Payments in respect of expenses.

Interpretation.

Approved share option schemes.

Pay as you earn.

U.K. company distributions not generally chargeable to corporation tax.

Meaning of "distribution".

Expenses necessarily incurred and defrayed from official emoluments.

Pay as you earn.

Meaning of "distribution".

Interest etc. paid in respect of certain securities.

Tax credits for certain recipients of qualifying distributions.

Interpretation of terms and collection of ACT.

Dividends etc. paid by one member of a group to another.

General.

Aggregation of wife's income with husband's.

The relief.

Taxation of consideration for certain restrictive undertakings.

Commonwealth citizens and others temporarily abroad.

Companies beginning or ceasing to carry on a trade.

Payments out of profits or gains brought into charge to income tax: deduction of tax.

Set-off against general income.

Losses other than terminal losses.

Restriction of relief in case of farming and market gardening.

Surrender of relief between members of groups and consortia.

Close companies.

Loans to participators etc.

Apportionment of certain income, deductions and interest.

Interpretative provisions relating to insurance companies.

Exemption from tax.

Authorised unit trusts.

Building societies: regulations for payment of tax.

Treatment of oil extraction activities etc. for tax purposes.

Letting of furnished holiday accommodation treated as a trade.

Allowances for expenditure on purchase of patent rights: post-31st March 1986 expenditure.

Introductory.

Payment of tax.

Deductions on account of tax etc. from payments to certain sub-contractors.

Deductions from profits of contributions paid under certified schemes.

Relief for companies.

Conditions for approval of retirement benefit schemes.

Parliamentary pension funds.

Termination of relief under this Chapter, and transitional provisions.

Interpretation.

Purchased life annuities other than retirement annuities.

Financial futures and traded options.

Dispositions for period which cannot exceed six years.

The general rule.

Revocable settlements allowing release of obligation.

Settlements made after 6th April 1965.

Certain income not to be income of settlor etc.

Limited interests in residue.

Cancellation of tax advantage.

Meaning of "securities", "transfer" etc. for purposes of sections 711 to 728.

Prevention of avoidance of income tax.

Imputation of chargeable profits and creditable tax of controlled foreign companies.

Disposal of material interests in non-qualifying offshore funds.

Migration etc. of companies.

Relief by agreement with other countries.

Interpretation of credit code.

Sale of securities with or without accrued interest.

Deductions not to be allowed in computing profits or gains.

Restrictions on Schedule A deductions.

Premiums etc. taxable under Schedules A and D: special relief for individuals.

Machinery for assessment, charge and payment of income tax under Schedule C and, in certain cases, Schedule D.

Deep discount securities.

Treatment of farm animals etc. for purposes of Case I of Schedule D.

Taxation of directors and others in respect of cars.

Taxation of benefit from loans obtained by reason of employment.

Profit-related pay schemes: conditions for registration.

Approved share option schemes and profit sharing schemes.

Further provisions relating to profit sharing schemes.

Relief as respects tax on payments on retirement or removal from office or employment.

Foreign earnings.

Collection of advance corporation tax.

Provisions ancillary to section 266.

Qualifying policies.

Collection of income tax on company payments which are not distributions.

Dual resident investing companies.

Group relief: equity holders and profits or assets available for distribution.

Apportionment of income of close companies.

Charities: qualifying investments and loans.

Tax relief in connection with schemes for rationalizing industry and other redundancy schemes.

Reduction of pension fund surpluses.

Occupational pension schemes: schemes approved before 23rd July 1987.

Assumptions for calculating chargeable profits, creditable tax and corresponding United Kingdom tax of foreign companies.

Cases excluded from direction-making powers.

Reliefs against liability for tax in respect of chargeable profits..

Distributing funds.

Computation of offshore income gains.

Consequential amendments.

Transitional provisions and savings.

Repeals.



Income and Corporation Taxes Act 1988 (c. 1)
1988 c. 1 - continued
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PART VI
 
COMPANY DISTRIBUTIONS, TAX CREDITS ETC
 
CHAPTER I
 
TAXATION OF COMPANY DISTRIBUTIONS

U.K. company distributions not generally chargeable to corporation tax.

        208.    Except as otherwise provided by the Corporation Tax Acts, corporation tax shall not be chargeable on dividends and other distributions of a company resident in the United Kingdom, nor shall any such dividends or distributions be taken into account in computing income for corporation tax.
 
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 Prepared 20th September 2000
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