Part 13Tax avoidance
Chapter 1Transactions in securities
Procedure for counteraction of income tax advantages
700Timing of assessments F2...
1
This section applies if section 684 (person liable to counteraction of income tax advantage) applies to a person because the person is in a position to obtain or has obtained an income tax advantage by falling within the circumstances mentioned in section F1685(2)(c) or (3) when share capital is repaid.
2
An assessment to income tax made in accordance with a counteraction notice must be an assessment for the tax year in which the repayment occurs.
3
The references in this section to the repayment of share capital include references to any distribution made in respect of any shares in a winding up or dissolution of the company.
4
In subsection (3) “shares” includes stock and any other interest of a member in a company.