Corporation Tax Act 2010 (c. 4)

Schedules

SCHEDULE 2 U.K. Transitionals and savings etc

Part 5 U.K. Losses on disposal of shares

Application in relation to corresponding bonus shares U.K.

51 (1) For the purposes of this Part of this Schedule, if— U.K.

(a) any shares (“the original shares”) have been issued to a company before a particular date, or are treated under this paragraph as having been issued to the company before a particular date, and

(b) any corresponding bonus shares are issued to the company on or after that date,

the bonus shares are treated as having been issued at the time the original shares were issued to the company or are treated as having been so issued.

(2) In this paragraph “bonus shares” and “corresponding bonus shares” have the same meaning as in Chapter 5 of Part 4.