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Corporation Tax Act 2010
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1007Securities issued at premium representing new consideration
This section has no associated Explanatory Notes
(1)This section applies if any security of a company is issued at a premium representing new consideration (but see also section 1008).
(2)In relation to a distribution in respect of the security, the reference in paragraph E in section 1000(1) to however much of the distribution represents the principal secured by the security is to be read as a reference to the sum of—
(a)however much of the distribution represents the principal, and
(b)however much of it represents the premium.
(3)In relation to a distribution in respect of the security, the reference in paragraph E in section 1000(1) to however much of the distribution represents a reasonable commercial return for the use of the principal secured by the security is to be read as a reference to the sum of—
(a)however much of the distribution represents a reasonable commercial return for the use of the principal, and
(b)however much of it represents (when regard is had to the extent to which distributions represent the premium) a reasonable commercial return for the use of the premium.
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