This section is concerned with fixed rate distributions on stocks or shares which were in existence prior to 6th April, 1976. It provides that companies may pay on such stock or shares such an amount as when the amount of the tax credit in force on 6th April, 1976, is added to it will equal the fixed rate. This will enable companies to express the yield on such stocks and shares at a fixed rate without regard to fluctuations which may occur from time to time in the rate of tax credit.
SECTION 178.
Question proposed: " That section 178 stand part of the Bill."
Question put and agreed to.