Finance Act, 1991
|
Advance corporation tax. |
69.—Chapter VII of Part I of the Finance Act, 1983 , is hereby amended, as respects distributions made on or after the relevant day, | |
(a) by the insertion after subsection (8) of section 45 of the following subsection: | ||
“(9) References in this section to dividends shall be construed as including references to distributions on the redemption, repayment or purchase by a company of its own shares or on the acquisition of those shares by another company which is a subsidiary (within the meaning of section 155 of the Companies Act, 1963 ) of the company, and references to the payment of dividends shall be construed accordingly.”, | ||
and | ||
(b) by the addition to subsection (1) of section 47 of the following paragraph after paragraph (b): | ||
“(c) For the purposes of paragraph (a) the reference to a dividend paid by a company shall be construed as including a reference to a distribution made by the company on the redemption, repayment or purchase of its own shares or by another company which is a subsidiary (within the meaning of section 155 of the Companies Act, 1963 ) of the company on the acquisition of those shares.”. |