230 Stock dividends: distributions.U.K.
M1Any share capital to which section 249 applies and which is issued by a companyeitherF1 as mentioned in subsection (4), (5) or (6) of that sectionor to a close company as mentioned in paragraph 12(1)of Schedule 19 F1 (readin either caseF1 with subsection (3) of that section)—
(a)shall, notwithstanding section 209(2)(c), not constitute a distribution within the meaning of section 209(2); and
(b)for purposes of sections 210 and 211 shall not be treated as issued “as paid up otherwise than by the receipt of new consideration”.
Textual Amendments
F1Words in s. 230 repealed (in relation to accounting periods beginning after 31.3.1989) by Finance Act 1989 (c. 26), s. 187, Sch. 17 Part V
Marginal Citations
M1Source—1975 (No.2) Sch.8 6