[685 Receipt of consideration in connection with distribution by or assets of close company]
Income Tax Act 2007 (2007 c 3) | Legislation

[685  Receipt of consideration in connection with distribution by or assets of close company]

[(1)     The circumstances covered by this section are circumstances where condition A or condition B is met.

(2)     Condition A is that, as a result of the transaction in securities or any one or more of the transactions in securities, [a relevant person] receives relevant consideration in connection with—

(a)     the distribution, transfer or realisation of assets of a close company,

(b)     the application of assets of a close company in discharge of liabilities, or

(c)     the direct or indirect transfer of assets of one close company to another close company,

and [the relevant person] does not pay or bear income tax on the consideration (apart from this Chapter).

(3)     Condition B is that—

(a)     [a relevant

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