# Finance Act 1980, Paragraph 23

Extent: E+W+S+N.I.

(1) In this Schedule—
“chargeable payment” has the meaning given in Section 214(2) of the Taxes Act 1988;
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“exempt distribution” means a distribution which is exempt by virtue of Section 213(2) of that Act;
“group”, , means a company which has one or more 75 per cent. subsidiaries together with that or those subsidiaries ;
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“shares” includes stock;
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(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.
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(4) Section 533 of the Taxes Act (meaning of connected persons) applies for the purposes of this Schedule.
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Source: https://www.legislation.gov.uk/ukpga/1980/48/schedule/18/paragraph/23 (the official version)
Page: https://openlegislation.uk/finance-act-1980/schedule-18/paragraph-23
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.