Taxation in the United Kingdom/Legislation/Section 28 of the Finance Act 2004

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Subsection (1) inserts Section 13AB of ICTA, which is the legislation covering the non-corporate distribution rate.

Subsection (2) inserts Schedule A2 to ICTA, which contains the detailed rules for the non-corporate distribution rate. Subsection (3) makes a consequential amendment to the introduction of the non-corporate distribution rate.

Subsection (4) provides that the inserted provisions apply to distributions made on or after 1 April 2004. Subsection (5) deems there, where necessary, to be two separate accounting periods, one ending on 31 March 2004, the other beginning on 1 April 2004, for the purposes of this rule, with profits being allocated to the deemed accounting periods on a time basis unless that basis is unreasonable or unjust.

Subsection (5) sets the non-corporate distribution rate for the financial year beginning 1 April 2004 at 19%.