1235.This section treats issues of funding bonds as interest payments. It is based on section 582(1) and (3) to (4) of ICTA. The corresponding rule for income tax is in section 380 of ITTOIA.
1236.Subsection (2) rewrites, for clarification, “value of the bonds at the time of their issue” in section 582(1)(a) as “market value of the bonds at their issue”.
1237.For the rewrite of the Schedule D Case VI charge in section 582(2A) of ICTA see Change 59 in Annex 1.
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