{
  "url": "https://openlegislation.uk/finance-act-1980/schedule-18/paragraph-23",
  "json_url": "https://openlegislation.uk/finance-act-1980/schedule-18/paragraph-23.json",
  "legislation": "ukpga/1980/48",
  "legislation_title": "Finance Act 1980",
  "legislation_url": "https://openlegislation.uk/finance-act-1980",
  "path": "schedule/18/paragraph/23",
  "kind": "paragraph",
  "number": "23",
  "heading": null,
  "text": "(1) In this Schedule—\n“chargeable payment” has the meaning given in Section 214(2) of the Taxes Act 1988;\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n“exempt distribution” means a distribution which is exempt by virtue of Section 213(2) of that Act;\n“group”, , means a company which has one or more 75 per cent. subsidiaries together with that or those subsidiaries ;\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n“shares” includes stock;\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(2) In determining for the purposes of paragraphs 2 to 6 above whether a company whose shares are transferred by the distributing company is a 75 per cent. subsidiary of the distributing company there shall be disregarded any share capital of the first-mentioned company which is owned indirectly by the distributing company.\n(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(4) Section 533 of the Taxes Act (meaning of connected persons) applies for the purposes of this Schedule.\n(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29 para. 32"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Definitions repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31."
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch.31."
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch.31."
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Definitions repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "Schedule 18 Pt. VII para. 23(3)(5) repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1980/48/schedule/18/paragraph/23",
    "retrieved_at": "2026-10-29T10:15:13.396678+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."
}