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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 30 November 1997 - onwards
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132. Matters to be treated or not treated as repayments of share capital.

(1) In this section, "relevant distribution" means so much of any distribution made in respect of shares representing the relevant share capital as apart from subsection (2)(a) would be treated as a repayment of share capital, but by virtue of that subsection cannot be so treated.

(2)

(a) Where -

(i) a company issues any share capital as paid up otherwise than by the receipt of new consideration, or has done so on or after the 27th day of November, 1975, and

(ii) any amount so paid up is not to be treated as a distribution,

then, for the purposes of sections 130 and 131, distributions made afterwards by the company in respect of shares representing that share capital shall not be treated as repayments of share capital, except to the extent to which those distributions, together with any relevant distributions previously so made, exceed the amounts so paid up (then or previously) on such shares after that date and not treated as distributions.

(b) For the purposes of paragraph (a), all

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