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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 21 December 2021 - onwards
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129A. Dividends paid out of foreign profits.

(1)

(a) In this section 'profits', in relation to a company for a period of account, means the amount of the profits after taxation as shown in the profit and loss account or income statement for that period as laid before the annual general meeting of the company.

(b) For the purposes of this section -

(i) any question whether a company is connected with another company shall be determined in accordance with section 10 (as it applies for the purposes of the Tax Acts) and subparagraph (ii),

(ii) where a company is party to a scheme or arrangement, the main purpose, or one of the main purposes, of which is the avoidance of the whole or part of a distribution being treated as a taxable distribution, then the company shall be treated as connected with any other company which is a party to that scheme or arrangement.

(c) For the purposes of subsection (5) 'control' shall be construed in accordance with subsections (2) to (6) of section 432 as if in subsection (6) of that section for '5 or

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