144. Repayment of share capital.

Where a company issues any share capital as paid up1 otherwise than by the receipt of new consideration2; and any amount so paid up does not fall to be treated as a distribution then, except as otherwise provided by any provision of the Corporation Tax Acts3, distributions made afterwards by the company in respect of shares representing the bonus share capital are not treated4 as repayments of share capital, except to the extent to which those distributions, together with any affected distributions5 previously so made, exceed the total of the amounts so paid up on such shares and not