Section 931B | Exemption from charge to tax

A dividend or other distribution of a company that is received in an accounting period of the recipient in which the recipient is a small company is exempt if—

(a)the payer is a resident of (and only of) the United Kingdom or a qualifying territory at the time that the distribution is received,

(b)the distribution is not of a kind mentioned in paragraph E or F in section 1000(1) of CTA 2010 (certain non-dividend distributions),

(c)no deduction is allowed to a resident of any territory outside the United Kingdom under the law of that territory in respect of the distribution, and

(d)the distribution is not made as part of a tax advantage scheme.