Introduction Overview Chapter 2: Matters which are distributions Section 1027: Cap on amount of distributions affected by section 1026
3038.This section qualifies section 1026. It is based on section 211(1) and (3) of ICTA.
3039.The section limits the amount of the distribution to the total value of any previous bonus issues that:
	have not already been treated as distributions, and
	have not been met by new consideration (defined as the “cap”).