251 Interpretation of sections 249 and 250.U.K.
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F1S. 251(2)-(6) repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 121, Sch. 3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)
C1S. 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)