Section 89 Deemed time of issue for certain shares

United Kingdom

(1)

This section applies for the purposes of the following provisions—

F1...
section 84(1)(a) and (2)(a),
section 85(1), and
section 88(2)(b).

(2)

If—

(a)

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

(b)

any corresponding bonus shares are subsequently issued to the company,

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.

Annotations

Textual amendments

F1: Words in s. 89(1) omitted (with effect in accordance with s. 38(3) of the amending Act) by virtue of Finance Act 2020 (c. 14), s. 38(2)(b)(iii)

Notes on Part 4

Modifications

C1: Pt. 4 modified (with effect in accordance with reg. 1(2) of the amending S.I.) by The Risk Transformation (Tax) Regulations 2017 (S.I. 2017/1271), regs. 1(1), 10
C2: Pt. 4 excluded (14.7.2022) by Energy (Oil and Gas) Profits Levy Act 2022 (c. 40), s. 1(5)(e) (with ss. 15(1), 16(1))