C2.225 Income tax on apportioned income of close companies
Close company apportionment applied for company accounting periods which began before 31 March 1989. This provided for the undistributed income of a close company to be apportioned, or notionally distributed, amongst its shareholders. The apportionment provisions were abolished for accounting periods beginning after 31 March 1989 but can still have consequences for capital gains computations on a disposal of the shares in the company.
When a person has been charged to income tax on a close company
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