Section 54 — Corporation Tax Act 2010: Non-UK resident company: receipts of interest, dividends or royalties

Non-UK resident company: receipts of interest, dividends or royalties 54 1 This section applies if—

a a non-UK resident company carries on a trade in the United Kingdom, and b tax-exempt receipts of interest, dividends or royalties arise to the company.

2 The receipts are not to be excluded from the profits of the trade so as to give rise to a loss to be deducted under section 37 . , 45, 45A or 45B 3 For the purposes of subsection (1) a receipt is “tax-exempt” if it has been treated as tax-exempt under arrangements having effect under section 2 of TIOPA 2010.