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Income and Corporation Taxes Act 1988
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- UK Public General Acts
- 1988 c. 1
- PART VI
- CHAPTER III
- Stock dividends
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Stock dividends
230Stock dividends: distributions
Any share capital to which section 249 applies and which is issued by a company either as mentioned in subsection (4), (5) or (6) of that section or to a close company as mentioned in paragraph 12(1) of Schedule 19 (read in either case with subsection (3) of that section)—
(a)shall, notwithstanding section 209(2)(c), not constitute a distribution within the meaning of section 209(2); and
(b)for purposes of sections 210 and 211 shall not be treated as issued “as paid up otherwise than by the receipt of new consideration”.
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