Point in time view as at 16/02/2011.
Corporation Tax Act 2010, Paragraph 55 is up to date with all changes known to be in force on or before 06 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
55(1)Sub-paragraph (2) applies in relation to shares issued by a company—U.K.
(a)before 18 December 2008, or
(b)on or after that date under an agreement entered into before that date,
if the company has made an election in relation to those shares under paragraph 6 of Schedule 9 to FA 2009.
(2)Chapter 6 of Part 5 of this Act has effect in relation to those shares with the following modifications—
(a)in section 160, the substitution for subsection (6) of—
“(6)Condition D is that the shares do not carry any right to dividends other than dividends which—
(a)are of a fixed amount or are at a fixed percentage rate of the nominal value of the shares, and
(b)represent no more than a reasonable commercial return on the new consideration mentioned in subsection (3).”, and
(b)the omission of section 161.
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