Finance Act, 1982

Amendment of section 90 (distributions made out of capital profits of companies) of Corporation Tax Act, 1976.

35.Section 90 of the Corporation Tax Act, 1976 , is hereby amended by the addition to subsection (4) (as amended by the Act of 1978) of the following proviso:

“Provided that where those chargeable gains accrued—

(a) on or after the 28th day of January, 1982, in the case of chargeable gains accruing on a relevant disposal within the meaning of section 36 of the Finance Act, 1982 or

(b) on or after the 26th day of March, 1982, in any other case,

the tax charged under subsection (2) shall, instead of being reduced as aforesaid, be reduced by an amount equal to the tax credit which would so apply in respect of that distribution.”.