(1) Section 175 of the Principal Act is amended -

(a) in subsection (1) by inserting "where the redemption, repayment or purchase does not form part of a scheme or arrangement the main purpose or one of the main purposes of which is to enable the owner of the shares to participate in the profits of the company or of any of its 51 per cent subsidiaries without receiving a dividend" after "shares",

(b) by inserting the following after subsection (1):

"(1A)

(a) Where in any accounting period a quoted company makes a payment on the redemption, repayment or purchase of its own shares, the company shall, not later than 12 months from the end of the accounting period, give notice to the Collector-General, or such other officer of the Revenue Commissioners as may be authorised by them for the purposes of this subsection, of -

(i) the payment, and

(ii) whether the payment is to be treated as not being a distribution by virtue of subsection (1).

(b) A notice under paragraph (a) shall be given by a company -

(i) in the return required to be made under section 951 for the accounting period of the company in which the payment is made, or