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The Corporation Tax (Treatment of Unrelieved Surplus Advance Corporation Tax) Regulations 1999

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Restriction on franked investment income—dealers

9.—(1) Where a dealer receives–

(a)a distribution which is made by a company resident in the United Kingdom (“a UK distribution”), or any payment which is representative of a UK distribution, and

(b)the distribution or, as the case may be, the payment is taken into account in computing the profits of the dealer which are chargeable to tax in accordance with the provisions of the Taxes Act applicable to Case I or II of Schedule D,

the distribution or payment shall not be regarded for the purposes of these Regulations as franked investment income.

(2) In paragraph (1) “dealer” means a person who is a dealer in relation to a distribution within the meaning of section 95(2)(1).

(1)

Section 95 was amended by paragraph 8(1) of Schedule 7 to the Finance Act 1997 (c. 16) and by section 24(2) to (9) of, and Part II(8) of Schedule 8 to, the Finance (No. 2) Act 1997 (c. 58).

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