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The Corporation Tax (Treatment of Unrelieved Surplus Advance Corporation Tax) Regulations 1999
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- UK Statutory Instruments
- 1999 No. 358
- Regulation 10
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Restriction on franked investment income—intra-group distributions
10.—(1) A distribution received by a company which is a member of a group from another company within the group, or from another company in the circumstances specified in paragraph (2) or (3) shall, subject to paragraph (4), not be regarded for the purposes of these Regulations as franked investment income.
(2) The circumstances specified in this paragraph are where the company making the distribution in question is not a member of the group at the time the distribution is received but arrangements in place at that time are such as to give rise to a reasonable expectation that the company will join or, as the case may be, rejoin the group.
(3) The circumstances specified in this paragraph are where the distribution in question was made by reference to the shareholdings existing at a time when both the company making the distribution and the company owning the shares at that time were members of the same group.
(4) Where the distribution is a relevant distribution and the company making the relevant distribution has elected as mentioned in regulation 11(3)(b), paragraph (1) of this regulation shall not apply to so much of the franked distribution in respect of which that election is made.
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