Part 23

Company distributions
Chapter 3

Matters which are not distributions

Introduction

Overview of Chapter
1029
1
In this Chapter the following sections provide that a particular matter is not a distribution—
a
section 1030 (distributions in respect of share capital on a winding up),
aa
section 1030A (distributions in respect of share capital prior to dissolution of company),
b
section 1031 (distribution as part of a cross-border merger),
c
section 1032 (interest etc paid in respect of certain securities),
ca. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
d
section 1033 (purchase by unquoted trading company of own shares),
e
section 1049 (stock dividends),
f
section 1054 (building society payments),
g
section 1055 ( registered societies : interest and share dividends),
h
section 1056 (dividend or bonus relating to transactions with registered society ), and
i
section 1057 (UK agricultural or fishing co-operatives: interest and share dividends).
2
The following make similar provision outside this Chapter—
a
section 1075 (exempt distributions), and
b
paragraph 6 of Schedule 12 to FA 1988 (transfer of building society's business to a company: qualifying benefits).
S. 1029(1)(aa) inserted (with effect in accordance with art. 18 of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2012 (S.I. 2012/266), arts. 1, 16(2)
S. 1029(1)(ca) repealed (with effect in accordance with reg. 1(2)(3) of the amending S.I.) by The Taxation of Regulatory Capital Securities Regulations 2013 (S.I. 2013/3209), regs. 1(1), 12(a)(iii)
Words in s. 1029(1)(g) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 164(a) (with Sch. 5)
Words in s. 1029(1)(h) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 164(b) (with Sch. 5)
Pt. 23 applied (with modifications) by 2003 c. 1, s. 554AC(3) (as inserted (with effect in accordance with Sch. 1 para. 14 of the amending Act) by Finance Act 2018 (c. 3), Sch. 1 para. 2)