The Corporation Tax (Treatment of Unrelieved Surplus ACT) (Amendment) Regulations, SI 2017/454, replace the term ‘franked investment income’ in relation to advance corporation tax with ‘qualifying investment income’, following the repeal of the dividend tax credit with effect from 6 April 2016. The amendments apply to company distributions made in accounting periods commencing on or after 6 April 2016. The new definition achieves the same outcome under the rules on shadow ACT, but without reference to the dividend tax credit. HMRC published a draft of the regulations for comment between March and June 2016.
The Corporation Tax (Treatment of Unrelieved Surplus ACT) (Amendment) Regulations, SI 2017/454, replace the term ‘franked investment income’ in relation to advance corporation tax with ‘qualifying investment income’, following the repeal of the dividend tax credit with effect from 6 April 2016. The amendments apply to company distributions made in accounting periods commencing on or after 6 April 2016. The new definition achieves the same outcome under the rules on shadow ACT, but without reference to the dividend tax credit. HMRC published a draft of the regulations for comment between March and June 2016.
