Part 1 Insertion of New Part 9A of CTA 2009
Finance Act 2009 (2009 c 10) | Legislation

SCHEDULE 14 Corporation Tax Treatment of Company Distributions

Section 34

Part 1 Insertion of New Part 9A of CTA 2009

1

In CTA 2009, after Part 9 insert—

“Part 9A
Company Distributions
Chapter 1
The Charge to Tax
931A Charge to tax on distributions received

(1)     The charge to corporation tax on income applies to any dividend or other distribution of a company, but only if the distribution is not exempt.

(2)     Subsection (1) does not apply in the case of a distribution of a capital nature.

(3)     For provision as to whether a distribution is exempt, see—

Chapter 2 (distributions received by small companies), and

Chapter 3 (distributions received by companies that are not small).

Chapter 2
Exemption of Distributions Received by Small Companies
931B Exemption from charge to tax

A dividend or other distribution of a company that is received in an accounting period of the recipient in which the recipient is a small company is exempt if—

(a)     the payer is a resident of (and only of) the United Kingdom or a qualifying territory at the time that the distribution is received,

(b)     the distribution is not of a kind mentioned in paragraph

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