55. Dividend consisting of any qualifying distribution when received by a resident person other than a company

Where a resident person, other than a company receives in any year of assessment, a dividend in relation to which advance company tax under subsection (1) of section 54 has been paid by any resident company, the statutory income of such person from such dividend for that year of assessment shall be deemed to be a sum equal to the aggregate of the gross dividend and the advance company tax which is attributable to that dividend.

Every resident person, other than a company, whose total statutory income for any year of assessment includes a dividend in relation to which advance company tax under subsection (1) of section 54 has been paid by any resident company, shall be entitled to deduct from the tax payable by such person for that year of assessment a sum equal to the advance company tax which is attributable to that dividend.