Related Commentary  Related HMRC Manuals

1070(1)  Subsection (2) applies if a company carries on a business (“the mutual business”) of–

(a)mutual trading,

(b)mutual insurance, or

(c)other mutual business.

1070(2)  The provisions of the Corporation Tax Acts relating to distributions apply to relevant distributions made by the company only so far as they are made out of–

(a)profits of the company which are brought into charge to corporation tax, or

(b)income of the company consisting of exempt ABGH distributions.

This is subject to subsection (4).

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