The Finance Act 2009 received Royal Assent on 21 July 2009.
The Act introduced an exemption for distributions received by medium and large-sized companies, irrespective of the source (i.e. whether domestic or foreign). Distributions received by small companies may also qualify. The exemption takes effect for distributions made on or after 1 July 2009.
The main provisions are summarized below.
Eligibility
For the exem…