Schedules
SCHEDULE 1Minor and consequential amendments
Part 2Other enactments
Income Tax (Trading and Other Income) Act 2005
459
After section 410 insert—
410AConversion etc of bonus share capital
1
This section applies if bonus share capital falling within section 410(1)(b) is converted into, or exchanged for, shares in the company of a different class.
2
Section 410 does not apply to any shares in the company issued—
a
in connection with the conversion or exchange, and
b
in consideration of the cancellation, extinguishment or acquisition by the company of the bonus share capital.