{
  "url": "https://openlegislation.uk/corporation-tax-act-2010/section-1020",
  "json_url": "https://openlegislation.uk/corporation-tax-act-2010/section-1020.json",
  "legislation": "ukpga/2010/4",
  "legislation_title": "Corporation Tax Act 2010",
  "legislation_url": "https://openlegislation.uk/corporation-tax-act-2010",
  "path": "section/1020",
  "kind": "section",
  "number": "1020",
  "heading": "Transfers of assets or liabilities treated as distributions",
  "text": "(1) This section applies if on a transfer of assets or liabilities—\n(a) by a company to its members, or\n(b) to a company by its members,\nthe amount or value of the benefit received by a member exceeds the amount or value of any new consideration given by the member.\n(2) The company is treated for the purposes of the Corporation Tax Acts as making a distribution to the member of an amount equal to the excess.\n...\n(2A) But the company is not treated as making a distribution under subsection (2) if the transfer of assets or liabilities—\n(a) is a distribution by virtue of paragraph B in section 1000(1), or\n(b) would be such a distribution in the absence of sub-paragraph (a) of that paragraph (distribution representing repayment of capital on the shares).\n(3) For the purposes of subsection (1) the amount or value of a benefit, or of any consideration, is determined in accordance with the market value.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 1020(2) omitted (with effect in accordance with s. 33(6) of the amending Act) by virtue of Finance Act 2012 (c. 14), s. 33(3)(a)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "S. 1020(2A) inserted (with effect in accordance with s. 33(6) of the amending Act) by Finance Act 2012 (c. 14), s. 33(3)(b)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2010/4/section/1020",
    "retrieved_at": "2026-10-29T09:10:29.433154+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}