931J(1) This section applies to a dividend that would, apart from this section, fall into an exempt class by virtue of section 931E.
931J(2) The dividend does not fall into an exempt class by virtue of that section if–
(a)the dividend is paid as part of a scheme the main purpose, or one of the main purposes, of which is to secure that dividends of the payer received by the recipient fall into an exempt class by virtue of that section, and
(b)the following condition is met.
931J(3) The condition is that the dividend is paid in respect of pre-control profits.