Reduction of dividend tax base when subsidiary dividends received and taxed, subject to non-subsidiary status and single reduction.

A new sub-section allows the amount in sub-section (1) to be reduced by dividends received from a subsidiary where the subsidiary has paid tax under the provision and the recipient domestic company is not a subsidiary of any other company, with a proviso preventing double reduction and an explanation defining subsidiary as one in which another company holds more than half the nominal equity share capital.

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