Part 23

Company distributions
Chapter 8

Interpretation of Part

“In respect of shares”
1113
1
In this Part “in respect of shares in the company”, in relation to a company which is a member of a 90% group, means in respect of shares in—
a
that company, or
b
any other company in the group.
2
Nothing in subsection (1) requires a company to be treated as making a distribution to any company which is in the same group and is UK resident.
3
For the purposes of this Part a thing is regarded as done in respect of a share if it is done to a person—
a
as the holder of the share, or
b
as the person who held the share at a particular time.
4
For the purposes of this Part a thing is also regarded as done in respect of a share if it is done in pursuance of a right granted, or an offer made, in respect of a share.
5
Subsections (3) and (4) do not affect the meaning of “in respect of shares” in section 1054 (building society payments).
6
In this section “90% group” means a company and all its 90% subsidiaries.