Section 966 — Corporation Tax Act 2010: Payments for surrendered tax refunds

Payments for surrendered tax refunds 966 1 This section applies if—

a companies give a notice under section 963(2) in pursuance of an agreement, and b the company to which the surrender is made makes a payment under the agreement to the company by which the surrender is made that does not exceed the amount specified in the notice.

2 The payment—

a is not to be taken into account in determining profits or losses of either company for corporation tax purposes, and b is not to be regarded for the purposes of the Corporation Tax Acts as a distribution.