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HMRC internal manual

Company Taxation Manual

Distributions: purchase of own shares: quoted and unquoted companies

CTA10/S1000 (1) B and S1048 (1)

A distribution within CTA10/S1000 (1) B is likely to arise when a purchase of own shares is made by:

  • a quoted company,


  • an unquoted company where the purchase of own shares does not satisfy the conditions of CTA10/S1033 and following (see CTM17570).

Quoted company

CTA10/S1048 (1) defines a ‘quoted company’ as one whose shares, of any class, appear in the official list of a Stock Exchange.

Shares that are dealt in on the Unlisted Securities Market or the Alternative Investment Market are not listed in the official list of the UK Stock Exchange. Such shares are therefore unquoted shares for the purposes of CTA10/S1033.