Paragraph 44

Section 1115 (meaning of “new consideration” in Part 23) is amended as follows.

In subsections (5)(a) and (6)(b) for “qualifying” substitute “ non-CD ”.

After subsection (6) insert—

“(7)

In this section “non-CD distribution” means any distribution other than one which is a distribution for the purposes of the Corporation Tax Acts only because it falls within paragraph C or D in section 1000(1) (redeemable share capital or security issued as bonus in respect of shares in, or securities of, the company).”