Part 7 Treatment of Certain Amounts Payable by a QAHC
Finance Act 2022 (2022 c 3) | Legislation

Part 7 Treatment of Certain Amounts Payable by a QAHC

Treatment of certain distributions

44

(1)     A relevant distribution out of assets of a QAHC in respect of a security of the QAHC is not to be treated as a distribution for the purposes of the Corporation Tax Acts if the QAHC is party to the security for the purposes of its QAHC ring fence business.

(2)     Accordingly, among other things, section 465 of CTA 2009 (exclusion of distributions from being taken into account for the purposes of Part 5 of that Act) does not apply to a relevant distribution.

(3)     A “relevant distribution” is any interest or distribution in respect of a security of a QAHC if it would, ignoring this paragraph, be a distribution for the purposes of the Corporation Tax Acts only as a result of the security being a relevant security.

(4)     In sub-paragraph (3) “relevant security” means a security that—

(a)     meets Condition B, C or D, or any combination of those conditions, in section 1015 of CTA 2010 (meaning of “special securities”) and does not meet Condition A or E in that section, or

(b)     is a non-commercial security within the meaning of

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