Related Commentary  Related HMRC Manuals

381E(1)  This Chapter does not apply in relation to an arrangement that produces a return for a person, in relation to an amount, which is economically equivalent to interest where–

(a)the arrangement involves only excluded shares, and

(b)no relevant arrangement has been made (by any person) in relation to those excluded shares.

381E(2)  For the purposes of this section shares are excluded shares if they are admitted to trading on a regulated market and–

(a)they were issued before 6 April 2013, or

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