Section 3G | Supplementary provisions ^F1

(1)If tax payable by a person (“P”) as a result of section 3 is paid by—^F1

(a)the company (“C”) to which the gain accrues, or^F1

(b)a company by reference to which P is regarded as an indirect participator in C,^F1

the amount paid is not a payment to P for tax purposes.

(2)The reference here to tax purposes is to the purposes of income tax, capital gains tax or corporation tax.^F1

(3)For the purposes of section 3 the amount of a gain or loss accruing to a company is calculated as if the company were a company resident in the United Kingdom chargeable to corporation tax on the gain.^F1