Nearly all debentures issued in a scheme of reconstruction will be securities within the meaning of TCGA92/S132 (3)(b). See CG53420+ and CG55015 for guidance on the definition of security. If exceptionally the debenture is not a security the treatment depends upon whether it was issued before or after 16 March 1993.

Debenture: issue 16/3/93+

TCGA92/S251 (6) deems any debenture issued on or after 16 March 1993 whose issue falls within TCGA92/S136 to be a security.

Debenture: issue pre-16/3/93

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