Section 1030B | Section 1030A: effect of company not being dissolved, etc

(1)Where this section applies, a distribution made by a company is to be treated for the purposes of the Corporation Tax Acts as if section 1030A(3) had never applied to it.

(2)This section applies where 2 years have passed since the making of the distribution and—

(a)the company has not been dissolved during that time, or

(b)the company has failed—

(i)to secure, so far as is reasonably practicable, the payment of all sums due to the company, or

(ii)to satisfy all of its debts and liabilities.

(3)In a case where this section applies, all such adjustments as are required in order to give effect to subsection (1) are to be made, whether by the making of assessments or otherwise.