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HMRC internal manual

Capital Gains Manual

Administration: insolvency: distributions: general

If after collecting and realising a company’s assets and meeting the company’sliabilities, including expenses incurred in the course of the liquidation, the liquidatorhas any surplus assets, these are available for distribution to the members. The receiptof such a distribution is the occasion of a disposal by the shareholders. Distributionsmay be in cash or in kind, see CG40431. There may also be more than one distribution inthe course of a winding up, see CG40432.