Finance Act, 1979
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Amendment of Schedule 12 (dividends regarded as paid out of profits accumulated before given date) to Income Tax Act, 1967. |
34.—Schedule 12 to the Income Tax Act, 1967 , is hereby amended— | |
(a) by the insertion of the following clause after clause (a) of subparagraph (3) (inserted by the Corporation Tax Act, 1976 ) of paragraph 5— | ||
“(aa) any group relief given to the company in accordance with the provisions of Part XI of the Corporation Tax Act, 1976 , for any accounting period in the period,” | ||
and | ||
(b) by the substitution in paragraph 6 (inserted by the Corporation Tax Act, 1976 ) of “references therein to an amount for an” for “reference therein to corporation profits tax or corporation tax payable for any”, | ||
and the said paragraph 6, as so amended, is set out in the Table to this section. | ||
TABLE | ||
6. Any reference in paragraph 4 or 5 to an amount for a year of assessment in the period in question shall be taken as a reference to the full amount for any year of assessment falling wholly within the period and a proportionate part of the amount (on a time basis) for any year of assessment falling partly within that period, and the references therein to an amount for an accounting period in the said period shall be construed in a corresponding manner. |