Chwilio Deddfwriaeth

Corporation Tax Act 2010

 Help about what version

Pa Fersiwn

 Help about advanced features

Nodweddion Uwch

 Help about opening options

Dewisiadau AgorExpand opening options

Changes over time for: Section 1033

 Help about opening options

Alternative versions:

Status:

Point in time view as at 14/03/2012.

Changes to legislation:

Corporation Tax Act 2010, Section 1033 is up to date with all changes known to be in force on or before 04 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

1033Purchase by unquoted trading company of own sharesU.K.
This adran has no associated Nodiadau Esboniadol

(1)A payment made by a company on the redemption, repayment or purchase of its own shares is not a distribution for the purposes of the Corporation Tax Acts if—

(a)the company is an unquoted trading company, or the unquoted holding company of a trading group, and

(b)either Condition A or Condition B is met.

(2)Condition A is that—

(a)the redemption, repayment or purchase is made wholly or mainly for the purpose of benefiting a trade carried on by the company or any of its 75% subsidiaries,

(b)the redemption, repayment or purchase does not form part of a scheme or arrangement the main purpose or one of the main purposes of which is—

(i)to enable the owner of the shares to participate in the profits of the company without receiving a dividend, or

(ii)the avoidance of tax, and

(c)the requirements set out in sections 1034 to 1043 (so far as applicable) are met.

(3)Condition B is that the whole or substantially the whole of the payment (apart from any sum applied in paying capital gains tax charged on the redemption, repayment or purchase)—

(a)is applied by the person to whom it is made in discharging a liability of that person for inheritance tax charged on a death, and

(b)is applied in that way within two years after the death.

(4)But if condition B is met, subsection (1) does not apply so far as the liability in question could without undue hardship have been discharged otherwise than through the redemption, repayment or purchase of—

(a)shares in the company, or

(b)shares in another unquoted company which is a trading company or the holding company of a trading group.

(5)In sections 1034 to 1043—

  • the purchase” means the redemption, repayment or purchase referred to in subsection (1), and

  • the seller” means the owner of the shares at the time the redemption, repayment or purchase is made.

(6)In this section and sections 1034 to 1047 references to a payment made by a company include anything else that—

(a)is a distribution, or

(b)would be a distribution but for this section.

Yn ôl i’r brig

Options/Cymorth

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?