413Issue of funding bondsU.K.
This section has no associated Explanatory Notes
(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 body corporate, a government, a public institution or other public authority.
(2)The issue is treated for the purposes of the Corporation Tax Acts as if it were the payment of so much of that interest as equals the market value of the bonds at their issue.
(3)In this section “funding bonds” includes any bonds, stocks, shares, securities or certificates of indebtedness.