Part 15Transactions in securities
Procedure for counteraction of corporation tax advantages
747Timing of assessments in section 738 cases
1
This section applies if section 733 (company liable to counteraction of corporation tax advantage) applies to a company because it is in a position to obtain or has obtained a corporation tax advantage by falling within the circumstances mentioned in section 738 (receipt of relevant company assets (circumstance E)) when share capital is repaid.
2
An assessment to corporation tax made in accordance with a counteraction notice must be an assessment for the accounting period in which the repayment occurs.
3
The references in this section to the repayment of share capital include references to any distribution made in respect of any shares in a winding up or dissolution of the company.
4
In subsection (3) “shares” includes stock and any other interest of a member in a company.