Schedule 14

Part of Finance Bill – in a Public Bill Committee at 12:00 pm on 9th June 2009.

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Photo of Stephen Timms Stephen Timms Financial Secretary (HM Treasury) (also in the Department for Business, Innovation and Skills) 12:00 pm, 9th June 2009

I beg to move amendment 100, in schedule 14, page 143, line 9, leave out sub-paragraphs (2) and (3) and insert—

‘() In subsection (3) (as it has effect as amended by paragraph 8 of Schedule 30 to FA 2000)—

(a) before paragraph (a), insert—

“(za) if the dividend is received in an accounting period of the recipient in which the recipient is not a small company, and the dividend is a relevant dividend, the profits in respect of which the dividend is paid;’,

(b) in paragraph (a), at the beginning, insert “in a case not falling under paragraph (za),”, and

(c) in paragraph (c), at the beginning, insert “in a case not falling under paragraph (za),”.

() After subsection (3) insert—

“(3A) For the purposes of subsection (3)—

(a) “small company” has the same meaning as in Part 9A of CTA 2009 (company distributions),

(b) “relevant dividend” means a dividend that, for the purposes of section 930H of that Act (dividends derived from transactions not designed to reduce tax), is treated as paid in respect of profits other than relevant profits (see subsection (4) of that section), and

(c) the profits in respect of which a dividend is paid are the profits in respect of which the dividend is treated as paid for the purposes of that section.”’.