Introduction Summary
1.Section 57 amends the definition of the rate that applies to the “mixer cap” in section 799(1)(b) and (1A) of the Income and Corporation Taxes Act 1988 (ICTA), so that it reflects the rate of tax applicable to a foreign dividend. This change will ensure that the “mixer cap” will work in the same way as it always has, and that its application will not be affected by the recent change in the corporation tax (CT) rate.