6(1)This paragraph applies where the Corporation makes a distribution during the exempt period.U.K.
(2)The following provisions shall not apply in relation to the distribution—
(a)[F1section 1285 of the Corporation Tax Act 2009] (exemption from corporation tax);
(b)[F2section 1109 of the Corporation Tax Act 2010 (tax credits for certain recipients of exempt qualifying distributions)][F3or section 397 of the Income Tax (Trading and Other Income) Act 2005 (tax credits for qualifying distributions: UK residents and eligible non-UK residents)] (tax credits).
(3)The distribution shall be treated for the purposes of [F4income tax as dividends of a non-UK resident company chargeable under Chapter 4 of Part 4 of the Income Tax (Trading and Other Income) Act 2005 (and accordingly as relevant foreign income for the purposes of that Act), and for the purposes of corporation tax] [F5as dividends of a non-UK resident company chargeable under Chapter 2 of Part 10 of the Corporation Tax Act 2009.]
F6(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)In this paragraph “distribution” has the same meaning as it has in the Corporation Taxes Acts by virtue of [F7Chapter 2 of Part 23 of the Corporation Tax Act 2010] (company distributions).
Textual Amendments
F1Words in Sch. 3 para. 6(2)(a) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 461(2)(a) (with Sch. 2 Pts. 1, 2)
F2Words in Sch. 3 para. 6(2)(b) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 303(2) (with Sch. 2)
F3Words in Sch. 3 para. 6(2)(b) inserted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 510(2) (with Sch. 2)
F4Words in Sch. 3 para. 6(3) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 510(3) (with Sch. 2)
F5Words in Sch. 3 para. 6(3) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 461(3) (with Sch. 2 Pts. 1, 2)
F6Sch. 3 para. 6(4) repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 510(4), Sch. 3 (with Sch. 2)
F7Words in Sch. 3 para. 6(5) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 303(3) (with Sch. 2)