Finance (Miscellaneous Provisions) Act, 1958
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Dividends. |
9.—(1) Where a dividend is paid in part out of profits from exempted trading operations and in part out of other profits, Rule 20 of the General Rules and section 5 of the Finance Act, 1940 , shall apply as if the dividend consisted of two dividends respectively paid out of profits from exempted trading operations and out of other profits. | |
(2) So much of any dividend as has been paid out of profits from exempted trading operations shall not be regarded as income or profits for any purpose of the Income Tax Acts or of the Corporation Profits Tax Acts. | ||
(3) In relation to every warrant, cheque or order drawn or made by a company for the payment of a dividend payable wholly or in part out of profits from exempted trading operations, section 13 of the Finance Act, 1925 , shall apply to the company so that the statement required by that section shall show, in addition to the particulars required to be given apart from this section, either (as the case may require)— | ||
(a) that the whole of the sum for which the warrant, cheque or order is drawn or made is a payment of a dividend of profits from exempted trading operations, or | ||
(b) that a part of such sum is a payment out of profits from exempted trading operations and that a part (the gross amount of which, before any deduction in respect of income tax, is separately stated) of such sum is a payment out of other profits. |