OpenLegislation

Paragraph 4

Original text. Later amendments are not shown.

(1)

The third transaction is the issue of shares by the foreign subsidiary to all persons who are its shareholders at the time of the issue.

(2)

The conditions are that the issue —

(a)

is in respect of and in proportion to the shares held by the shareholders in the foreign subsidiary at the time of the issue; and

(b)

either—

(i)

is of shares that are not redeemable, or

(ii)

where no shares are issued to a company which is resident in the United Kingdom or to a nominee or trustee for such a company, is at market value for consideration paid in cash to the foreign subsidiary.