Taxes Consolidation Act 1997 section 169

Non-distributing investment companies

Section 169 allowed certain IFSC investment companies to elect that payments made on the redemption, repayment or purchase of their own shares should not be treated as distributions, but the section was repealed with effect from 6 April 1999.

• Applied to a "relevant company" — an investment company within Part XIII of the Companies Act 1990 that was also a qualified IFSC company under section 446 and made only one payment per share or security issued.
• On a valid claim, every redemption, repayment or purchase payment was treated as not being (and not including) a distribution for the purposes of section 159.
• The recipient of such a payment was not entitled to any tax credit in respect of it, despite any other provision of the Tax Acts.
• Repealed by section 69(2) of, and Part 2 of Schedule 2 to, the Finance Act 2000, with effect from 6 April 1999 for income tax and for accounting periods beginning on or after that date for corporation tax.