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Share owners, Distribution, DISPOSAL OF SHARES, Acquisition - Coggle…
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Distribution
Asset-in-specie
Asset held as trading stock -> s22(8) Recoupment MV
Asset held as Capital Asset = CGT MV par 75 8th Sch
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Asset held as Allowance Asset = Recoupment MV s8(4)k AND CGT MV par 75 8th Sch
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Hold asset as Trading stock = s22(4) Opening stock deduction MV
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Capital Asset = Base Cost MV for future tax par 75 8th Sch
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Allowance asset = Cost for allowance MV par75 8th Sch
Dividends
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Deemed Asset in specie dividend, thus
Natural persons, Trusts, Non-residents --> Div TAX
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Distributions Rules, How much is A ROC and How much is Dividends
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Return Of Capital
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CGT Implications par 76B reduce BC, Excess Capital Gain
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Starting CTC = Share capital + share premium before 1/1/2011 - tainted Capital (cap issue prior to 1/1/2011)
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Share Distribution
In the hands of a shareholder, BC = 0 s40C as they paid nil
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DISPOSAL OF SHARES
Other Matters
If there's an excess loss, ring-fenced as per par 39
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par 19 of 8th Schedule Applies where there was a co. acquired for LIQUIDATION, WINDING-UP or Deregistration
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Interest remains interest, Dividends remain Dividends
ACTUAL DISPOSAL
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Proceeds = ROC, BC = par 32 identical assets
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NOT ACTUAL DISPOSAL
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Calc Notional Capital Gain / Notional Capital gain if Shares were acquired before the Valuation Date (1/10/2001)
Par 76B. Decrease BC, Excess Capital Gain
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Acquisition
From Co
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If Return of CTC is not to all shareholders, then Anti- avoidance PROVISO s1 Def CTC
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