Section 3G — Taxation of Chargeable Gains Act 1992: Supplementary provisions

Supplementary provisions 3G 1 If tax payable by a person (“P”) as a result of section 3 is paid by—

a the company (“C”) to which the gain accrues, or b a company by reference to which P is regarded as an indirect participator in C, the amount paid is not a payment to P for tax purposes.

2 The reference here to tax purposes is to the purposes of income tax, capital gains tax or corporation tax.

3 For the purposes of section 3 the amount of a gain or loss accruing to a company is calculated as if the company were a company resident in the United Kingdom chargeable to corporation tax on the gain.