Related Commentary  Related HMRC Manuals

407(1)  An individual is treated as having recovered an amount of capital from a company for the purposes of section 406 if–

(a)the individual receives consideration of that amount or value–

(i)for the sale, exchange or assignment of part of the ordinary share capital of the company,

(ii)by way of repayment of part of that ordinary share capital, or

(iii)for assigning a debt due to the individual from the company, or

(b)the company repays that amount of a loan or advance from the individual.

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