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Finance Act, 1976

Chapter VI

Income Tax, Sur-Tax, Corporation Profits Tax, Corporation Tax and Capital Gains Tax

Amendment of sections 31 (income tax on certain dividends) and 37 (corporation profits tax on certain dividends) of Finance Act, 1973.

24.— Sections 31 and 37 of the Finance Act, 1973 , are hereby amended—

(a) by the substitution of “to which this section applies” for—

(i) “set forth in the Second Schedule” in the said section 31, and

(ii) “set forth in the Second Schedule to this Act” in the said section 37;

(b) by the substitution of “1976” for “1975”; and

(c) by the addition thereto of the following subsection—

“(2) This section applies to the Agreement, set forth in the Second Schedule, as extended by the Agreement set forth in the Schedule to the Double Taxation Relief (Taxes on Income) (United Kingdom) Order, 1975 .”,

and the said sections 31 and 37, as so amended, are set out in the Table to this section.

TABLE

31.—(1) Subject to the provisions of sections 76 and 77 of the Income Tax Act, 1967 , as modified by Part III of Schedule 6 to that Act, where income tax is chargeable under Case III of Schedule D in respect of income which is a dividend, within the meaning of Article 1 of the Agreement to which this section applies being a dividend paid on or after the 6th day of April, 1973, and not later than the 5th day of April, 1976, the income so chargeable to income tax shall include the amount of the tax credit for the payment of which provision is made in the said Article 1.

(2) This section applies to the Agreement, set forth in the Second Schedule, as extended by the Agreement set forth in the Schedule to the Double Taxation Relief (Taxes on Income) (United Kingdom) Order, 1975 .

37.—(1) Where profits chargeable to corporation profits tax under section 52 of the Finance Act, 1920 , include a dividend, within the meaning of Article 1 of the Agreement to which this section applies, being a dividend paid on or after the 6th day of April, 1973, and not later than the 5th day of April, 1976, the profits so chargeable shall include the amount of any tax credit appropriate to the dividend for the payment of which provision is made in the said Article 1.

(2) This section applies to the Agreement, set forth in the Second Schedule, as extended by the Agreement set forth in the Schedule to the Double Taxation Relief (Taxes on Income) (United Kingdom) Order, 1975 .