Limited company only has Ordinary Shares. Can I create and sell 100 Ordinary B shares for £1 each for £60,100. Credit my share premium account for £60,000 and pay the £60,000 out as dividends to the Ordinary class shareholders.
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No you can't distribute the share premium account. That's elementary company law. Think of it as share capital and you won't go far wrong.
And it won't be your share premium account it will be the company's.
That's true, but you could use the s.641 provisions to transfer the share premium account to distributable reserves (special resolution, solvency statement, directors' declaration, etc.). Then the balance on the P & L account can be paid as a dividend.