PART VI U.K. COMPANY DISTRIBUTIONS, TAX CREDITS ETC

Modifications etc. (not altering text)

C1 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))

C2 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))

C3 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 U.K. MATTERS WHICH ARE NOT DISTRIBUTIONS FOR THE PURPOSES OF THE CORPORATION TAX ACTS

Stock dividends U.K.

230 Stock dividends: distributions. U.K.

M1 Any 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

F1 Words in s. 230 repealed (in relation to accounting periods beginning after 31.3.1989) by Finance Act 1989 (c. 26), s. 187, Sch. 17 Part V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

M1 Source—1975 (No.2) Sch.8 6