Related Commentary  Related HMRC Manuals

410(1)  This section applies to–

(a)share capital issued by a UK resident company in lieu of a cash dividend, and

(b)bonus share capital issued by a UK resident company in respect of shares in the company of a qualifying class.

410(1A)  For the purposes of subsection (1)(b), shares are of a qualifying class if–

(a)shares of that class carry the right to receive bonus share capital in the company (of the same or a different class), and

(b)that right is conferred by the terms on which shares of that class were originally issued or by those terms as subsequently extended or otherwise varied.

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