Part C
Income
Exempt income
CW 14Dividends derived by qualifying companies
This section applies when a company derives a dividend (the derived dividend) after it becomes a qualifying company, if—
- the derived dividend is derived less than 7 years after the company ceases to be a qualifying company; and
- section CW 10 applies to the derived dividend; and
- the company paid a dividend that section CW 15 applied to, when the company was a qualifying company.
The derived dividend is not exempt income under section CW 10, except to the extent to which section CW 9 applies.
Notes
- Section CW 14: replaced (with effect on 1 April 2008 and applying for the 2008–09 and later income years), on , by section 32(1) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
- Section CW 14(1)(b): amended (with effect on 1 July 2011 and applying for income years beginning on or after that date), on , by section 33(1)(a) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).
- Section CW 14(2): amended (with effect on 1 July 2011 and applying for income years beginning on or after that date), on , by section 33(1)(b) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).