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Section 1113 “In respect of shares”C1C2

United Kingdom

(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.

Annotations

Modifications

C1

S. 1113 applied by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 2 para. 78A(5) (as inserted (with effect in accordance with s. 1184(1) of the amending Act) by 2010 c. 4, s. 1184(1), Sch. 1 para. 471(3) (with Sch. 2))

C2

S. 1113 applied by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 414A(7)(a) (as inserted (with effect in accordance with s. 1184(1) of the amending Act) by 2010 c. 4, s. 1184(1), Sch. 1 para. 461 (with Sch. 2))

Notes on Part 23

Modifications

C1

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)