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Status:
Point in time view as at 16/12/2010.
Changes to legislation:
There are currently no known outstanding effects for the Finance (No. 3) Act 2010, Paragraph 10.
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10U.K.After section 599 (calculation of profits) insert—
“599AAmount of distribution consisting of share capital issued in lieu of cash dividend
(1)For the purposes of this Part, the amount of a distribution, so far as it consists of share capital issued in lieu of a cash dividend, is the cash equivalent of the share capital.
(2)Section 412(1), (2), (4) and (5) of ITTOIA 2005 (meaning of “cash equivalent of share capital”) applies for the purposes of this section as it applies in relation to share capital issued as mentioned in section 410(1)(a) of that Act.”
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