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7(1)Section 13 of the Taxes Act 1988 (small companies' relief) shall be amended as follows.
(2)In subsection (7) (exclusion of group income etc) for the words from “other than franked investment income” onwards there shall be substituted— “other than franked investment income (if any) which the company (“the receiving company”) receives from a company resident in the United Kingdom which is—
(a)a 51 per cent. subsidiary of the receiving company or of a company resident in the United Kingdom of which the receiving company is a 51 per cent. subsidiary; or
(b)a trading or holding company which does not fall within section 247(1A) and which is owned by a consortium the members of which include the receiving company.”
(3)After subsection (8) there shall be inserted—
“(8AA)Subsections (8) to (9A) of section 247 shall apply for the purposes of subsection (7) above as they apply for the purposes of that section.
(8AB)The reference in subsection (7) above to franked investment income received by a company applies to any such income received by another person on behalf of or in trust for the company, but not to any such income received by the company on behalf of or in trust for another person.”
(4)This paragraph has effect in relation to distributions made on or after 6th April 1999.
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