When this section applies
(1) This section applies when a shareholder—
Return of subscribed capital or capital gains
(2) The amount paid is a dividend only to the extent to which it is more than—
Statutory producer board capital levies
(3) If the company is a statutory producer board, the amount is not a dividend to the extent to which it is a return of a levy charged specifically for capital development.
Non-deductible capital
(4) An amount that is not a dividend as a result of subsection (3) is nevertheless treated as a return of capital for the purposes of the capital limitation.
Defined in this Act: amount, available capital distribution amount, available subscribed capital, capital limitation, company, dividend, emigrating company, levy, liquidation, ordering rule, pay, share, shareholder, statutory producer board
Compare: 2004 No 35 s CD 18