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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Capital distributions: definition

TCGA92/S122 (5) (b)TCGA92/S122 (5)(b) defines a capital distribution as `any distribution from a company, including a distribution in the course of dissolving or winding up the company, in money or money’s worth except a distribution which in the hands of the recipient constitutes income for the purposes of Income Tax’.