C1Part 23Company distributions
Chapter 2Matters which are distributions
Meaning of “distribution”
1001Provisions related to paragraphs A to H in section 1000(1)
The following table mentions, for each paragraph in section 1000(1)—
a
some of the main provisions that explain or supplement it, and
b
some of the main provisions that limit it.
Paragraph in section 1000(1) | Explained or supplemented by | Limited by |
---|---|---|
A (dividends). | Section 1054 (building society payments). | |
Sections 1055(2) and 1057(2) (dividend paid by F2registered society or UK agricultural or fishing co-operative). | ||
B (other distributions in respect of shares). | Sections 1024 to 1028 (meaning of “repayment of share capital”). | F1. . . |
Section 1113(1) (extends meaning of “in respect of shares in the company”). | ||
C (redeemable share capital). | Section 1003 (redeemable share capital). | Section 1049(3)(a) (stock dividends). |
Section 1113(1). | ||
Section 1114(1) (extends meaning of “in respect of securities of the company”). | ||
D (securities issued otherwise than for new consideration). | Section 1004 (securities issued otherwise than for new consideration). | |
Section 1113(1). | ||
Section 1114(1). | ||
E (distributions in respect of non-commercial securities). | Sections 1005 to 1014 (meaning of “non-commercial securities” etc). | |
Section 1114(1). | ||
F (distributions in respect of special securities). | Sections 1015 to 1018 (meaning of “special securities” etc). | Section 1019 (relevant alternative finance return). |
Section 1114(1). | Section 1032 (interest etc paid in respect of certain securities). | |
G (transfers of assets or liabilities). | Section 1020 (transfers of assets or liabilities treated as distributions). | |
H (bonus issues following repayment of share capital). | Sections 1022 and 1023 (bonus issues following repayment of share capital treated as distributions). | Section 1049(3)(b)(i) (stock dividends). |
Pt. 23 applied (with modifications) by 2003 c. 1, s. 554AC(3) (as inserted (with effect in accordance with Sch. 1 para. 14 of the amending Act) by Finance Act 2018 (c. 3), Sch. 1 para. 2)