33 Transactions in securities: company distributions

Transactions in Securities

33  Transactions in securities: company distributions

(1)     Chapter 1 of Part 13 of ITA 2007 (transactions in securities) is amended as follows.

(2)     In section 684 (person liable to counteraction), in subsection (1)—

(a)     in the opening words, after “a person” insert “(“the party”)”;

(b)     in paragraph (c), omit “the person in being a party to”;

(c)     in paragraph (d), for “the person” substitute “the party or any other person”.

(3)     In that section, in subsection (2)—

(a)     in paragraph (c), omit the final “and”;

(b)     after paragraph (d) insert—

“(e)     a repayment of share capital or share premium, and

(f)     a distribution in respect of securities in a winding up.”

(4)     In section 685 (receipt of consideration in connection with distribution by or assets of close company)—

(a)     in subsection (2)—

(i)     in the opening words, for “the person” substitute “a relevant person”;

(ii)     in the words after paragraph (c), after “and” insert “the relevant person”;

(b)     in subsection (3)—

(i)     in paragraph (a), for “the person” substitute “a relevant person”;

(ii)     in paragraph (c), for “the person” substitute “the relevant person”;

(c)     after subsection (3) insert—

“(3A)     In subsections (2) and (3) “relevant

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