Section 1113 — Corporation Tax Act 2010: “In respect of shares”

“In respect of shares” 1113 1 In this Part “ in respect of shares in the company ”, in relation to a company which is a member of a 90% group, means in respect of shares in—

a that company, or b any other company in the group.

2 Nothing in subsection (1) requires a company to be treated as making a distribution to any company which is in the same group and is UK resident.

3 For the purposes of this Part a thing is regarded as done in respect of a share if it is done to a person—

a as the holder of the share, or b as the person who held the share at a particular time.

4 For the purposes of this Part a thing is also regarded as done in respect of a share if it is done in pursuance of a right granted, or an offer made, in respect of a share.

5 Subsections (3) and (4) do not affect the meaning of “in respect of shares” in section 1054 (building society payments).

6 In this section “ 90% group ” means a company and all its 90% subsidiaries.