https://www.taxtmi.com/caselaws?id=27928 Distribution of shares held as stock-in-trade by way of dividend in specie did not create taxable business profit for the company, because the company merely parted with property and did not itself realise trading income. For corporation tax rebate withdrawal, the dividend amount could not be computed by importing the market value of the shares distributed; the relevant figure was only what the company distributed, not what shareholders received in value. The legal effect was that the company was not chargeable to business profit on the dividend-in-specie distribution, and the rebate computation could not be enlarged by market valuation. en-us Fri, 30 Sep 1983 00:00:00 +0530 Wed, 17 Feb 2010 09:56:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27928 Distribution of shares held as stock-in-trade by way of dividend in specie did not create taxable business profit for the company, because the company merely parted with property and did not itself realise trading income. For corporation tax rebate withdrawal, the dividend amount could not be computed by importing the market value of the shares distributed; the relevant figure was only what the company distributed, not what shareholders received in value. The legal effect was that the company was not chargeable to business profit on the dividend-in-specie distribution, and the rebate computation could not be enlarged by market valuation. Case-Laws Income Tax Fri, 30 Sep 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27928