TCGA92 uses two definitions of security. In the share identification rules (eg TCGA92/S105) the word is used in its widest sense to include shares and loan capital. In the section which deals specifically with loan capital (TCGA92/S132) there is a narrower definition.

‘Security’ for the purposes of share identification rules

For the purposes of the share identification rules TCGA92/S104(3) provides that ‘securities’ does not include relevant securities as that term is defined in TCGA92/S108 (see CG50224) but, subject to that, means

shares or securities of a company; and

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