Part 23Company distributions
Chapter 2Matters which are distributions
Interpretation of references to repayment of share capital
1028Certain payments connected with exempt distributions
(1)
A chargeable payment made within 5 years after an exempt distribution is not to be (if it otherwise would be) treated as a repayment of share capital for the purposes of sections 1022 and 1023 (bonus issue following repayment of share capital).
(2)
The purpose of the provisions about demergers (which include this section) is set out in section 1074.
(3)
In this section—
(a)
“chargeable payment” has the meaning given by section 1088, and
(b)
“exempt distribution” has the meaning given by section 1075(2).