Related Commentary  Related CasesRelated HMRC Manuals

380(1)  This section applies to the issue of funding bonds to a creditor in respect of a liability to pay interest on a debt incurred by a government, public institution, other public authority or body corporate.

380(2)  The issue is treated for income tax purposes as if it were the payment of so much of that interest as equals the market value of the bonds at their issue.

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