Modifications etc. (not altering text)
C1Pt. 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))
C2Pt. 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))
C3Pt. 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))
M1(1)For the purposes of sections 249 and 250 —
(a)“”, in relation to a company, means share capital issued by the company otherwise than wholly for new consideration or such part of any share capital so issued as is not properly referable to new consideration;
(b)“due date of issue”, in relation to any share capital issued by a company, means the earliest date on which the company was required to issue that share capital;
(c)an option to receive either a dividend in cash or additional share capital is conferred on a person not only where he is required to choose one or the other, but also where he is offered the one subject to a right, however expressed, to choose the other instead, and a person’s abandonment of, or failure to exercise, such a right is to be treated as an exercise of the option;
and in section 254 the definition of “security” (in subsection (1)) and subsections (5) and (11) shall not apply.
(2)F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6)F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1S. 251(2)-(6) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 121, Sch. 3 (with Sch. 2)
Modifications etc. (not altering text)
C4S. 251(1)(c) applied (19.3.1997) by Finance Act 1997 (c. 16), Sch. 7 para. 4(2)
Marginal Citations
M1Source—1975 (No.2) s.34(8)(a)-(d)