35 Distributions in a winding up
Finance Act 2016 (2016 c 24) | Legislation

35  Distributions in a winding up

(1)     In Chapter 3 of Part 4 of ITTOIA 2005 (dividends and other distributions from UK resident companies), after section 396A insert—

“396B Distributions in a winding up

(1)     For the purposes of this Chapter, a distribution made to an individual in respect of share capital in the winding up of a UK resident company is a distribution of the company if—

(a)     Conditions A to D are met, and

(b)     the distribution is not excluded (see subsection (7)).

(2)     Condition A is that, immediately before the winding up, the individual has at least a 5% interest in the company.

(3)     Condition B is that the company—

(a)     is a close company when it is wound up, or

(b)     was a close company at any time in the period of two years ending with the start of the winding up.

(4)     Condition C is that, at any time within the period of two years beginning with the date on which the distribution is made—

(a)     the individual carries on a trade or activity which is the same as, or similar to, that carried on by the company or an effective 51% subsidiary of the company,

(b)

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