Finance Act, 1992
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Restriction of set-off of advance corporation tax. |
82.—(1) Section 39 of the Finance Act, 1983 , shall have effect subject to the provisions of subsection (2). | |
(2) Where advance corporation tax is paid by a company (hereafter in this subsection referred to as “the distributing company”) in respect of a distribution made by it to an associated company which is resident in the State— | ||
(a) that advance corporation tax shall not be set against the distributing company's liability to corporation tax on any income included in its petroleum profits, and | ||
(b) if the benefit of any amount of that advance corporation tax is surrendered under section 45 of the Finance Act, 1983 , by the distributing company to another company, the corresponding amount of advance corporation tax which, under that section, that other company is treated for the purposes of section 39 of that Act as having paid shall not be set against that other company's liability to corporation tax on any income included in its petroleum profits. | ||
(3) This section shall not have effect as respects any distribution made before the 24th day of April, 1992. |