Finance Act, 1992
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Amendment of section 44 (group dividends) of Finance Act, 1983. |
51.—(1) Section 44 of the Finance Act, 1983 , is hereby amended— | |
(a) in subsection (1)— | ||
(i) by the deletion of “, the company receiving the dividends and the company paying them may jointly elect that this subsection shall apply to the dividends received from the latter by the former, and so long as the election is in force”, and | ||
(ii) by the insertion of the following proviso to that subsection: | ||
“Provided that the company paying the dividends may elect, by notice in writing to the inspector, that the provisions of this section shall not apply or have effect in relation to any amount of dividends specified in the notice.”, | ||
(b) in subsection (3), by the deletion of “an election under”, and | ||
(c) by the substitution of the following subsection for subsection (7): | ||
“(7) An election under the proviso to subsection (1) shall not be valid unless— | ||
(a) it is made before the due date for the payment, by the company paying the dividends, of advance corporation tax for the accounting period in which the dividends are paid, and | ||
(b) the advance corporation tax in respect of those dividends has been paid.”. | ||
(2) This section shall apply and have effect as on and from the date of the passing of this Act. |