Introduction Overview Chapter 2: Matters which are distributions Section 1022: Bonus issue following repayment of share capital treated as distribution
3022.This section sets out how a distribution can arise when a company makes a bonus issue of shares following a repayment of share capital. It is based on section 210(1) of ICTA.
3023.This section is qualified by section 1023.
3024.The rules for a repayment of share capital following a bonus issue of shares are in section 1026.