HMRC published draft regulations last week to provide a further exception to the income distribution requirement for investment trust companies at regulations 19 and 21 of the Investment Trust (Approved Company) (Tax) Regulations (SI 2011/2999).
HMRC published draft regulations last week to provide a further exception to the income distribution requirement for investment trust companies at regulations 19 and 21 of the Investment Trust (Approved Company) (Tax) Regulations (SI 2011/2999).
“The exception will apply in certain circumstances where an investment trust company has accumulated realised revenue losses in excess of its income for an accounting period, such that a requirement to make a distribution would result in a distribution from capital,” HMRC said.
HMRC published draft regulations last week to provide a further exception to the income distribution requirement for investment trust companies at regulations 19 and 21 of the Investment Trust (Approved Company) (Tax) Regulations (SI 2011/2999).
HMRC published draft regulations last week to provide a further exception to the income distribution requirement for investment trust companies at regulations 19 and 21 of the Investment Trust (Approved Company) (Tax) Regulations (SI 2011/2999).
“The exception will apply in certain circumstances where an investment trust company has accumulated realised revenue losses in excess of its income for an accounting period, such that a requirement to make a distribution would result in a distribution from capital,” HMRC said.
