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Dear Mr Cannon,
If a UK individual receives a distribution of property from a UK Co of which he is sole shareholder, briefly, how is he taxed on this (particularly from an income tax perspective)? Please assume that he paid ?100 for the shares in the company and the value of the property is ?100 (i.e. this is really just a return of capital with no gain etc).
Many thanks
A distribution up to the amount of capital originally subscribed will not be taxable: see section 1000(1)(B) Corporation Tax Act 2010.
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