Related Commentary  Related CasesRelated HMRC Manuals

122(1)  Where a person receives or becomes entitled to receive in respect of shares in a company any capital distribution from the company (other than a new holding as defined in section 126) he shall be treated as if he had in consideration of that capital distribution disposed of an interest in the shares.

122(1A)  Subsection (1) is subject to the provisions of section 140A(1D) and section 140E(7).

122(2)  If the amount distributed is small, as compared with the value of the shares in respect of which it is distributed –

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