[2013] UKUT 225 (TCC).

Upper Tribunal (Tax and Chancery Chamber).

[The appeal against this decision is reported at [2014] BTC 33.]

Norris J, Judge Roger Berner.

Judgment delivered 10 May 2013.

Income tax – Claim for loss on disposal of loan stock – Whether loan stock a ‘relevant discounted security’ – FA 1996, Sch. 13, para. 3 – Whether additional payment on redemption of loan stock was interest – Yes – Appeal dismissed.

  The Upper Tribunal upheld the decision of the First-tier Tribunal that the payment of a premium on the redemption of loan stock was interest, and so that the loan stock was not a relevant discounted security.

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