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HMRC internal manual

Company Taxation Manual

ACT: tax credit & FA93: franked investment income: small companies relief and mutual concerns

For 1993-94 franked investment income was treated as calculated with a tax credit rate of 1/4 rather than 9/31 (FA93/S78 (6)) in computing:

  • profits for small companies relief (ICTA88/S13 (7)).
  • the amount to be treated as a distribution of a mutual etc concern (ICTA88/S490).