401 Relief: [distribution repaying shares or security issued in earlier distribution]
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

401  Relief: [distribution repaying shares or security issued in earlier distribution]

[(1)     Where a person is liable to income tax on a CD distribution, the person's liability to income tax on a subsequent non-CD distribution is reduced in accordance with this section if the non-CD distribution consists of a repayment of—

(a)     the share capital, or

(b)     the principal of the security,

which constituted the CD distribution.

(1A)     The reduction is—

(a)

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