Chapter VII of Part I of the Finance Act, 1983, is hereby amended by the insertion after section 47 of the following section:
"47A.
(1) In this section a 'relevant company' means a company which -
(a) is an investment company, within the meaning of Part XIII of the Companies Act, 1990,
(b) is a qualified company within the meaning of section 39B (inserted by the Finance Act, 1987) of the Finance Act, 1980, and
(c) makes only one payment in respect of any share or security issued by it, being a payment made in the redemption, repayment or purchase of the share.
(2) Where a company proves that it is a relevant company and claims to have every payment made by it in the redemption, repayment or purchase of shares issued by it treated as not being, or including, a distribution for the purposes of section 38, then -
(a) every such payment shall be so treated, and
(b) notwithstanding any provision of the Tax Acts, the person to whom each such payment is made shall not be entitled to a ta