C1C2C3PART VI COMPANY DISTRIBUTIONS, TAX CREDITS ETC
Pt. 6 modified by Gas Act 1986 (c. 44), s. 60(3) (as substituted (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 14 para. 4 (with Sch. 15))
Pt. 6 modified by British Steel Act 1988 (c. 35), s. 11(7) (as substituted (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 14 para. 55 (with Sch. 15))
CHAPTER III MATTERS WHICH ARE NOT DISTRIBUTIONS FOR THE PURPOSES OF THE CORPORATION TAX ACTS
Stock dividends
230 Stock dividends: distributions.
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”.
Pt. 6 modified by Airports Act 1986 (c. 31), s. 77(3) (as substituted (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 14 para. 3 (with Sch. 15))