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HM Revenue & Customs has published two guides, in relation to: 

The Tax Treatment of Payments to Individuals and Other Non-Corporates Following Share Capital Reduction

The Tax Treatment of Payments to UK Companies From  Companies Registered in an Overseas Territory

In relation to distributions to individuals, etc., following a share capital reduction, the guidance relates only to UK-resident companies. The guide also distinguishes between capital dividends, (in the case of bonus issues of shares which remain income) and capital distributions, and confirms that a payment constituting a repayment of share capital, following a share capital reduction exercise undertaken in accordance with UK company law, (or its overseas equivalent), is not an income distribution chargeable to Income Tax but may be chargeable to Capital Gains Tax.

However, if the capital reduction is taken to reserves so as to be treated as realised profit, then a corresponding dividend payment will be a distribution subject to Income Tax.

As regards dividend payments to UK companies from overseas-registered companies, HMRC's position following HMRC v First Nationwide [2012] EWCA 278, is that if a dividend  payment is a distribution in accordance with the law of the relevant foreign territory, then it will generally be treated as dividend income in relation to the UK company.