Related Commentary  Related HMRC Manuals

1008(1)  This section applies if–

(a)a company issues a security, and

(b)the amount of new consideration received by the company for the issue of the security exceeds the amount of the principal secured by the security.

1008(2)  The amount of the principal is treated for the purposes of paragraph E in section 1000(1) as increased to the amount of that new consideration.

1008(3)  Section 1007 does not have effect in relation to the security.

1008(4)  This section is subject to sections 1009 and 1012.

Origin

S. 1008(1): ICTA 1988, s. 209(3AA).

S. 1008(2): ICTA 1988, s. 209(3AA).

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