Related Commentary  Related HMRC Manuals

1000(1)  In the Corporation Tax Acts “distribution”, in relation to any company, means anything falling within any of the following paragraphs.

A.Any dividend paid by the company, including a capital dividend.

B.Any other distribution out of assets of the company in respect of shares in the company, except however much (if any) of the distribution–

(a)represents repayment of capital on the shares, or

(b)is (when it is made) equal in amount or value to any new consideration received by the company for the distribution.

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