Finance Act, 1983
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Distributions: increase in tax credits, etc. |
28.—(1) Section 28 (1) of the Finance Act, 1978 , shall not have effect in relation to distributions made on or after the 6th day of April, 1983. | |
(2) Section 45 (5) of the Corporation Tax Act, 1976 , shall have effect as respects distributions received on or after the 6th day of April, 1983, as if section 28 (3) of the Finance Act, 1978 , had not been enacted. | ||
(3) (a) This subsection applies to a distribution that is made by a company on or after the 6th day of April, 1983, and to which section 64 of the Corporation Tax Act, 1976 , applies. | ||
(b) Section 28 (7) of the Finance Act, 1978 , shall not apply to a distribution to which this subsection applies. | ||
(c) The reference to certain tax credits in the definition of B in subsection (2) of section 64 of the Corporation Tax Act, 1976 , shall, in relation to distributions to which the said section 64 applies and which— | ||
(i) were received by a company that makes a distribution to which this subsection applies, | ||
and | ||
(ii) were made after the 5th day of April, 1978, and before the 6th day of April, 1983, | ||
be construed as a reference to forty-nine-thirty-ninths of those tax credits. |