Where a company:
(1) repays, or has repaid any share capital after 7 April 1965; and
(2) at or after the time of that repayment issues any share capital as paid up1 otherwise than by the receipt of new consideration2,
the amount so paid up is to be treated3 as a distribution made in respect of the shares on which it is paid up, except in so far as that amount exceeds the amount, or total amount, of share capital so repaid less any amounts previously so paid up and treated4 as distributions5.
The provisions described above do not, however, apply
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