230 Stock dividends: distributions.U.K.
M1Any share capital to which section 249 applies and which is issued by a company F1. . . [F2in a case where section 410(2), (3) or (4) of ITTOIA 2005 applies]—
(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F1Words in s. 230 repealed (in relation to accounting periods beginning after 31.3.1989) by Finance Act 1989 (c. 26), s. 187, Sch. 17 Part V
F2Words in s. 230 substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 112 (with Sch. 2)
Marginal Citations
M1Source—1975 (No.2) Sch.8 6