CTM15410 | Distributions: general: repayment of share capital - bonus issues - exceptions
From HM Revenue & Customs · Company Taxation Manual
limits the operation of . This provides that does not prevent a repayment of bonus shares being treated as a repayment of share capital if:
the bonus shares were not redeemable shares, and
the repayment takes place more than 10 years after the issue of those shares, and
the company making the repayment is not a company within (broadly an unquoted or closely controlled company) - see .