(1) Notwithstanding Chapter 2 of this Part, references in the Tax Acts to distributions of a company shall be construed so as not to include references to a payment made on or after the 26th day of March, 1997, by a quoted company on the redemption, repayment or purchase of its own shares 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.
(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 th
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