Telecommunications Act 1984
c. 12
company shall be deemed to have paid a dividend as there men-
tioned-
67
PART V
in any year preceding the first investment year which is
included in the relevant five years ; and
(b) in the first investment year, if that year is included in
(a)
the relevant five years and the successor company does
not in fact pay such a dividend in that year.
(2) In subsection (1) above " the relevant five years " means
the five years immediately preceding the year in which the investment in question is made or proposed to be made.
72--Q) Subject
Schedule 5 to this
for all purposes of
if it were the same
to subsection (2) below and paragraph 39 of Tax
Act, the successor company shall be treated provisions.
corporation tax and development land tax as
person as British Telecommunications.
The successor company shall not by virtue of subsection
a body falling within section 272(5) of
the Income and Corporation Taxes Act 1970 (bodies established 1970 c. 10.
for carrying on industries or undertakings under national ownership or control) or subsection (10) of section 23 of the Develop- 1976 c. 24.
ment Land Tax Act 1976 (statutory undertakers) ; and subsection
(2)
(1) above be regarded as
(1) above shall not be regarded as preventing the vesting in the
successor company of an interest of British Telecommunications constituting a disposal for the purposes of the said section
23.
(3) Where, in the discharge of any liability which is vested in
the successor company by this Act, the successor company makes
payments to a retirement benefits scheme with a view to the
provision of relevant benefits for persons who are employees of
the Post Office, the Tax Acts shall have effect in relation to
those payments-(a) as if those persons were employees of the successor company ; and
(b) where the scheme is an exempt approved scheme, as if
paragraph (a) of the proviso to section 21(3) of the
Finance Act 1970 were omitted ;
1970 c. 24.
and in this subsection expressions which are also used in
Chapter II of Part II of the said Act of 1970 have the same
meanings as in that Chapter.
(4) The vesting in the successor company by virtue of section
60 above of liability for any loan made to British Telecommunications shall not affect any direction in respect of the loan which
has been given by the Treasury under section 416 of the Income
and Corporation Taxes Act 1970 (income tax exemption for
interest on foreign currency securities).