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Section 140 (exemption of distributions out of income from stallion fees, stud greyhounds, and occupation of woodlands).

So much of any distribution made out of exempt profits (within the meaning of section 140) as is received by the individual in the tax year.

(10) Subsections (6) and (7) of section 145 Subsections (8) and (9) of section 140 shall apply for the purposes of this section as they apply for the purposes of that section.

(6) Subsections (7) and (8) of section 144 and subsections (6) and (7) of section 145 subsections (8) and (9) of section 140 shall apply for the purposes of this section as they apply for the purposes of those sections.

(10) Subsections (7) and (8) of section 144 and subsections (6) and (7) of section 145 subsections (8) and (9) of section 140 shall apply for the purposes of this section as they apply for the purposes of those sections.

T is the amount of the distributions received by the company in the accounting period which is included in its franked investment income of the accounting period with the addition of any amount received by the company in the accounting period to which section 140(3)(a), 141(3)(a), 142(4) or 144(3)(a) applies.

(9) Subsections (6) and (7) of section 145 Subsections (8) and (9) of section 140 shall apply for the purposes of this section as they apply for purposes of that section.

(1) (a) Notwithstanding sections 140, 141, 144, 145 and 147(2) 144 and 145 and 144 but subject to subsections (2) and (3), where a company which makes a distribution specifies, by notice in writing given to the inspector within 6 months of the end of the accounting period in which the distribution is made, the extent to which the distribution is to be treated for the purposes of sections 140, 141, 144, 145 and 147 144 and 145 and 144 as made for any accounting period or periods, the distribution shall be so treated for those purposes irrespective of the period of account for which it was made.

(1) (a) Notwithstanding sections 140, 141, 144, 145 and 147(2) 144 and 145 and 144 but subject to subsections (2) and (3), where a company which makes a distribution specifies, by notice in writing given to the inspector within 6 months of the end of the accounting period in which the distribution is made, the extent to which the distribution is to be treated for the purposes of sections 140, 141, 144, 145 and 147 144 and 145 and 144 as made for any accounting period or periods, the distribution shall be so treated for those purposes irrespective of the period of account for which it was made.

(b) A part of a distribution treated under paragraph (a) as made for an accounting period shall be treated for the purposes of sections 140, 141, 144 and 145 and 144, and subsections (1), (2) and (4) of section 147, as a separate distribution.

(c) would be deemed to have been made for the accounting period by virtue of subsection (9) of section 140 if that subsection were treated as applying for the purposes of this section as it applies for the purpose of that section.

(3) Where any person receives a distribution in respect of shares to which this section applies and, apart from the application of this subsection to the distribution, section 140(3)(a), 141(3)(a), 144(3)(a) or 145 144(3)(a) would apply to the distribution, then, notwithstanding any provision of the Tax Acts other than subsection (4) and for the purposes of those Acts—

(a) a distribution made out of exempt profits within the meaning of section 140,

(a) a distribution made out of exempt profits within the meaning of section 140,

(I) as if sections 140, 141, 142, 143, 195, 232, 234 and 664 were never enacted, and enacted,

(2) An individual who, by virtue of section 140, 141, 142, 143, 195, 232, 234, or 664, would not be treated as a chargeable person (within the meaning of Part 41 Part 41A) in respect of the individual’s aggregate income for a tax year, shall be treated as such a chargeable person for the purposes of this Part.

(i) as if sections 140, 141, 142, 143, 195, 231, 232, 233, 234 and 664 were never enacted,

(b) for the purposes of the entry at Reference Number 1 of Schedule 25B the definition of “exempt profits” in section 140(1) did not include profits or gains which by virtue of section 231 were not charged to tax;

(b) for the purposes of the entry at Reference Number 1 of Schedule 25B the definition of “exempt profits” in section 140(1) did not include profits or gains which by virtue of section 231 were not charged to tax;