[404A Distributions in a winding up]
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

[404A  Distributions in a winding up]

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

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