Finance Act, 1994
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Amendment of section 25 (attribution of distributions to accounting periods) of Finance Act, 1989. |
59.—As respects distributions made on or after the 1st day of June, 1994, section 25 (as amended by section 37 of the Finance Act, 1992 ) of the Finance Act, 1989 , is hereby amended by the substitution for subsection (1) of the following subsection: | |
“(1) (a) Notwithstanding sections 64 , 76 , 93 and 170 of the Corporation Tax Act, 1976 , and subsection (1A) of section 45 (as amended by this Act) of the Finance Act, 1980 , but subject to subsections (2) and (3) of this section, where a company which makes a distribution on or after the 6th day of April, 1989, specifies, by notice in writing given to the inspector within 6 months of the end of the accounting period in which the distribution is made, the extent to which the distribution is to be treated, for the purposes of the said sections 64, 76, 93, 170 and the said section 45, as made for any accounting period or periods, the distribution shall be so treated for those purposes, irrespective of the period of account for which it was made. | ||
(b) A part of a distribution treated under the provisions of paragraph (a) as made for an accounting period shall be treated for the purposes of sections 64 , 76 , 93 and 170 of the Corporation Tax Act, 1976 , and subsections (1), (1A) and (2) of the said section 45 as a separate distribution.”. |