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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 June 2015 - onwards
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184. Treasury shares.

(1) For the purposes of the Tax Acts and the Capital Gains Tax Acts -

(a) any shares which are -

(i) held by the company as treasury shares, and

(ii) not cancelled by the company,

shall be deemed to be cancelled immediately on their acquisition by the company,

(b) a deemed or actual cancellation of shares shall be treated as giving rise to neither a chargeable gain nor an allowable loss, and

(c) a reissue by the company of treasury shares shall be treated as an issue of new shares by it.

(2) For the purposes of this section, a reference to treasury shares shall be a reference to treasury shares within the meaning of section 109 of the Companies Act 2014.

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