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This is the original version (as it was originally enacted).
(1)This section applies in relation to a person if subsections (2) to (4) apply.
(2)The person receives an abnormal amount by way of dividend (see section 692).
(3)The receipt is in connection with—
(a)the purchase of securities where the purchase is followed by the sale of the same or other securities,
(b)the sale of securities where the sale is followed by the purchase of the same or other securities,
(c)the distribution, transfer or realisation of assets of a company, or
(d)the application of such assets in discharge of liabilities.
(4)The amount so received is taken into account for the purposes of—
(a)any exemption from income tax,
(b)the setting-off of losses against profits or income, or
(c)the giving of relief under section 383 (relief for interest payments).
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