CW 14 Dividends derived by qualifying companies
When this section applies

(1)

This section applies when a company derives a dividend (the derived dividend) after it becomes a qualifying company, if—

(a)

the derived dividend is derived less than 7 years after the company ceases to be a qualifying company; and

(b)

section CW 10 applies to the derived dividend; and

(c)

the company paid a dividend that section CW 15 applied to, when the company was a qualifying company.

Dividend not exempt income

(2)

The derived dividend is not exempt income under section CW 10, except to the extent to which section CW 9 applies.

Defined in this Act: company, dividend, exempt income, qualifying company

Section CW 14: replaced (with effect on 1 April 2008 and applying for the 2008–09 and later income years), on 30 March 2017, 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 30 March 2017, 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 30 March 2017, by section 33(1)(b) of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).