Income Tax (Trading and Other Income) Act 2005 section 401

Relief: distribution repaying shares or security issued in earlier distribution

Section 401 provides relief from double taxation where a company first issues bonus redeemable shares or securities (a "CD distribution") and later repays them (a "non-CD distribution"), so that the individual is not taxed twice on what is essentially the same economic event.

Access full legislation.And much more.

By becoming a member, your team gets full access to Tax World research tools and source-backed tax resources.