Income Tax Act 2007

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CW 58 Disposal of companies’ own shares

An amount of income derived by a company from disposing of shares in the company is exempt income if—

(a)

the company acquired the shares; and

(b)

the acquisition was treated under section 67A(1) of the Companies Act 1993 as not resulting in the cancellation of the shares.

Defined in this Act: amount, cancellation, company, exempt income, income, share

Compare: 2004 No 35 s CW 46