Finance Act, 1988

Tax credits in respect of distributions.

31.—(1) The provisions of the Corporation Tax Act, 1976 , specified in paragraph 1 of Part I of the Second Schedule shall have effect—

(a) in relation to distributions made in the year 1988-89, as if the standard rate for that year of assessment were 32 per cent., and

(b) in relation to distributions made on or after the 6th day of April, 1989, as if the standard rate for the year 1989-90 and subsequent years of assessment were 28 per cent.

(2) Part I of the Second Schedule shall have effect for the purpose of supplementing subsection (1).