Taxes Consolidation Act, 1997
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Treasury shares. [FA91 s70] |
184.—(1) For the purposes of the Tax Acts and the Capital Gains Tax Acts— | |
(a) any shares which are— | ||
(i) held by the company as treasury shares, and | ||
(ii) not cancelled by the company, | ||
shall be deemed to be cancelled immediately on their acquisition by the company, | ||
(b) a deemed or actual cancellation of shares shall be treated as giving rise to neither a chargeable gain nor an allowable loss, and | ||
(c) a reissue by the company of treasury shares shall be treated as an issue of new shares by it. | ||
(2) For the purposes of this section, a reference to treasury shares shall be a reference to treasury shares within the meaning of section 209 of the Companies Act, 1990 . |