Taxation in the United Kingdom/Legislation/Section 14 of the Income and Corporation Taxes Act 1988

Section 14 of the Income and Corporation Taxes Act 1988 defines qualifying distribution for the purposes of ICTA. The definition is as follows:

any distribution other than -

(a) a distribution which, in relation to the company making it, is a distribution only by virtue of Section 209(2)(c) of ICTA; or

(b) a distribution consisting of any share capital or security which the company making the distribution has directly or indirectly received from the company by which the share capital or security was issued and which, in relation to the latter company, is a distribution by virtue only of section 209(2)(c).

Section 14 used also to include information about advance corporation tax, which was abolished in 1998.