(1) In this section, "capital distribution" has the same meaning as in section 583.
(2) This section shall apply where a person (in this section referred to as "the beneficiary") connected with a company resident in the State receives or becomes entitled to receive in respect of shares in the company any capital distribution from the company, other than a capital distribution representing a reduction of capital, and -
(a) the capital so distributed derives from the disposal of assets in respect of which a chargeable gain accrues to the company, or
(b) the distribution constitutes such a disposal of assets.
(3) Where -
(a) the capital gains tax assessed on the company for the year of assessment in which the chargeable gain referred to in subsection (2) accrues includes any amount in respect of that chargeable gain, and
(b) any of the capital gains tax assessed on the company for that year is not paid within 6 months from the date when it becomes payable by the company,
the beneficiary m
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